Specifically, pseudonymous analyst TechDev posted to his 452k Telegram channel X that several signs point to the market currently replicating a pattern from 2020 that presaged a super bull cycle.
Chris Webber of TechDev stated, “The whole crypto market is in just its first macro bull phase in 3. 5 years. ” They reveal, for instance, that the total market capitalization has been charted by him for two months with suggesting that digital assets have been primed for a significant breakout. Applying indicators such as Bollinger bands (BB) which is a price volatility tool normally sees the upper and lower part of the BB shrink in order to show consolidation and imply that consolidation is likely to end and higher volatility is anticipated.
However, by sliding down the chart, the indicator has now reached such levels that marked immense bull runs in 2020 that followed higher in 2021. Even other indicators also point to a market expansion situation and the Gaussian channel on the two-week ETH chart also indicates that Ethereum might be entering a bull market. Gaussian channels are identified momentum indicators used to point out reverse price.
“ATH consolidation for BTC while ETH’s two-week Gaussian channel is green and DOGE is up. The alt market is expanding for two months. TechDev’s question: When was it that way?” The analyst also points to a two-month OTHERS chart which reflects the position of the entire cryptocurrency market without the top 10 altcoins and stablecoins and according to this chart the Bollinger bands also look bullish. As per TechDev, the altcoin market is energized to create steep rallies in the similar way that was observed in the years 2016 as well as 2021.
Another interesting thing about it is that according to TechDev the analysis of the macro environment can help now to make sense of today’s market conditions. ”Bitcoin is set to soar to greater heights,” “Altcoins are also set to soar to greater heights,” he asserts. Such as the moving average convergence/divergence (MACD), relative strength index (RSI), besides the flipping of several cryptocurrencies into bull territory, meaning that the coin is eyed to continue a particular direction of price movement, all of which points to the fact that the market is set for a massive expansion.
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