dailyhodl.com
A popular crypto analyst says technical indicators are suggesting that the altcoin market is gearing up for a massive breakout.
Pseudonymous analyst TechDev tells his 446,400 followers on the social media platform X that the altcoin market cap structure may be repeating a historic bullish pattern.
“Altcoin accumulation. The most vertical leg since 2021 appears on deck.”
Looking at his charts, the analyst suggests that the crypto market cap, excluding the top 10 digital assets, is repeating a pattern seen during the 2016 and 2021 market cycles when it broke out, retraced and then surged to a new top.
The analyst also suggests that the altcoin market cap’s logarithmic moving average divergence (LMACD) indicator is flashing a breakout trend. The LMACD indicator is designed to reveal changes in an asset’s trend, strength and momentum.
Says TechDev,
“Altcoins are ready. The market is not.”
Next up, the analyst also says that Bitcoin (BTC) appears on the two-month chart to be halfway through its current cycle based on historic precedence and the Bollinger bands, a price volatility gauge. The upper and lower bands widen when volatility declines while the bands contract when volatility is about to explode.
Says TechDev,
“BTC: looks about halfway there.”
Bitcoin is trading for $67,059 at time of writing, up nearly 3.6% in the last 24 hours.
Generated Image: DALLE3