A renowned crypto analyst, TechDev, has analyzed technical indicators and predicts a significant breakout for altcoins.
Historic Pattern Repeating
TechDev observes that the altcoin market cap structure is mirroring a bullish pattern seen in previous market cycles. The market cap, excluding the top 10 cryptocurrencies, is poised to repeat the breakout, retracement, and subsequent surge to a new peak.
Breakout Indicator Flashes
The altcoin market cap’s logarithmic moving average divergence (LMACD) indicator is signaling a breakout trend. This indicator detects changes in asset trend, strength, and momentum. TechDev believes that “altcoins are ready, but the market is not.”
Bitcoin’s Progress
On the Bitcoin (BTC) two-month chart, TechDev suggests that the current cycle is approximately halfway through, based on historical patterns and Bollinger bands, a volatility gauge. The Bollinger bands are widening, indicating declining volatility, which typically precedes a period of increased volatility.
Current Market Status
At the time of writing, Bitcoin is trading at $67,059, up nearly 3.6% in the past 24 hours.
