Series of indicators all lining up for Altcoin explosion and new Bitcoin All-Time High, says popular analyst
A popular crypto analyst says several indicators suggest the digital asset markets are gearing up for a rapid expansion to the upside.
The pseudonymous analyst known as TechDev tells his 408,000 Twitter followers that before each of Bitcoins (BTC) ran to all-time highs (ATHs), the Chinese 10-year note bottomed and the moving average convergence divergence (MACD) indicator crossed bullish.
MACD is a technical indicator designed to signal a possible reversal in the trend.
says TechDev,
“This happened before every ATH setting Bitcoin move.”
TechDev also says that the altcoin market is setting up for a big run based on historical patterns.
The analyst looks at the total crypto market value excluding Bitcoin and identifies periods of downward price action (correction), sideways movement (accumulation) and price rally (markup).
According to the analyst, altcoins are now in the “markup” phase, ready for higher prices.
“Update:
Correction –> Accumulation –> Markup”
TechDev also compares the altcoin market capitalization with four other charts. He includes the Bitcoin Dominance Chart (BTC.D), which compares the market cap of Bitcoin to the market cap of the rest of the crypto markets, and the Dollar Index (DXY), which pits the dollar against a basket of other major currencies. Also included are the charts of the Chinese 10-year note versus DXY (CN10Y/DXY) and the Litecoin versus Bitcoin (LTC/BTC) pair.
According to TechDev, all charts seem to follow their market structures between 2016 and 2018, suggesting that several metrics are lining up to signal an explosion in the altcoin markets.
“Sometimes patience is all you need.”
Looking at the Bitcoin dominance chart, TechDev seems to be predicting a massive crash for BTC.D, similar to what happened between 2016 and 2018. A bearish BTC.D chart indicates that altcoins are growing in value faster than BTC.
For DXY, the analyst suggests that the dollar index appears to have peaked, indicating that investors are starting to put their capital to work in risky assets like crypto.
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