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Crypto markets were shaken due to the events in the macro front following the BlackRock move in June. Rising interest rates, wars, high inflation, and now sticky inflation, new wars, and tighter Fed concerns are suffocating investors. So what do market experts think?
Popular crypto analyst TechDev, followed by over half a million crypto investors, shared his latest prediction about the markets. According to TechDev, who has been in the crypto space for years, Bitcoin is currently in the same position as before the bull markets of 2016 and 2020.
The monthly chart candles shared by TechDev include an additional indicator showing the logarithmic width between the Bollinger bands and the 200-month moving average.
The chart shows that Bitcoin’s Bollinger bands measuring relative volatility are squeezed enough to indicate a possible breakout to the upside.
“What did Bitcoin look like before heading north…”
Altcoins May Rise
ETH rallies have triggered a rise in the markets for a significant portion of altcoins multiple times. The recent approval of the ETH futures ETF did not help the ETH price, which has been unable to surpass $2,000 for a long time. TechDev made an optimistic prediction for altcoins as well.
The analyst, closely followed, says that both the BTC and altcoin markets are racing for a breakout at the same time. He compared Bitcoin with OTHERS, a chart measuring the market value of all crypto assets except BTC and Ethereum (ETH).
The analyst said that while BTC price creates support for a long-term upward movement, altcoins have also escaped downward resistance. Meanwhile, the cumulative value of cryptocurrencies is still hovering around $1.1 trillion.
Experts argue that if the BTC price closes above $28,300, it could end the year at higher levels, while failure to overcome this region heralds deeper bottoms. If the king cryptocurrency cannot sustain its upward movement, investors who want to cut losses due to concerns about the Fed tightening could push the price down to $20,000.
At the time of writing, BTC was at $27,920. Volumes have decreased even further over the weekend, and the Bitcoin price has been stagnant at the same level for two days.
