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The uncertainty in the cryptocurrency market continues after last night’s price movements. Bitcoin price dropped by approximately $2,000 but later returned to the $68,400 level. Analysts’ comments are becoming increasingly important as these events unfold.
Analyst Predicts Bull Market
A popular crypto analyst commented on a new process that could result in a market rise. The analyst, commenting on technical indicators, suggested that altcoins are about to become parabolic.
The so-called analyst TechDev made significant statements to his thousands of followers on social media platform X. He mentioned that key technical indicators in the market are replicating the 2020 model, which triggered a major bull run in the crypto market.
The entire crypto market has just started its first macro bullish expansion in three and a half years.
Overview of the Cryptocurrency Market
The analyst examined a bi-monthly chart indicating the total market value. He noted that cryptocurrencies are becoming increasingly ready for a major breakout. The analyst used Bollinger Bands (BB) in the chart, which typically narrow at the upper and lower bands when volatility is low, serving as an indicator of potential price volatility.
The chart shows that the mentioned indicator narrowed to similar levels before significant upward price movements in 2020 and continued with a larger expansion in 2021.
Among other indicators suggesting a market movement, the analyst pointed out the Gauss channel in the bi-weekly Ethereum (ETH) indicator, indicating that the top altcoin is likely in a bull cycle.
Gauss channels are momentum indicators that can reveal price turning points.
Previous ATH (all-time high) bullish Bitcoin consolidation. ETH bi-weekly Gauss channel green. DOGE pointing up. Alt market bi-monthly expansion. When have we seen this before?
The analyst also noted that Bollinger Bands have initiated an upward movement in the bi-monthly OTHERS chart, which tracks the total market value of cryptocurrencies excluding the top 10 crypto assets and stablecoins. According to the analyst, bullish rallies similar to those seen in 2016 and 2021 could be triggered.
Macro clarity can emerge. Bitcoin is ready to rise. Altcoins are ready to rise.
