A set of indicators all primed for an altcoin explosion and a new Bitcoin all-time high, says a popular analyst
A well-known crypto analyst says that multiple indicators are suggesting that digital asset markets are preparing for rapid upward expansion.
The pseudonymous analyst known as TechDev tells his 408,000 Twitter followers that before every single one of Bitcoin (BTC) hit all-time highs (ATHs), the Chinese 10-year note bottomed and became the indicator of moving average convergence -divergence (MACD) bullish crossed .
The MACD is a technical indicator designed to signal a possible trend reversal.
Says TechDev,
“This happened before any ATH setting bitcoin movement.”
Source: TechDev/Twitter
TechDev also says that the altcoin market is preparing for a big run based on historical patterns.
The analyst looks at the total crypto market cap excluding bitcoin and identifies periods of price action down (correction), flat (accumulation) and price rallies (premium).
According to the analyst, altcoins are now in the “markup” phase, ready for higher prices.
“To update:
Correction –> Accumulation –> Premium”
Source: TechDev/Twitter
TechDev also compares the altcoin market cap to four other charts. It includes the Bitcoin Dominance Chart (BTC.D), which compares Bitcoin’s market cap to that of the rest of the crypto markets, and the Dollar Index (DXY), which compares the dollar to a basket of other major currencies. Also included are the charts of the Chinese 10-year note versus the DXY (CN10Y/DXY) and the Litecoin versus Bitcoin (LTC/BTC) pair.
According to TechDev, all charts appear to be following their market structures between 2016 and 2018, suggesting several metrics are converging to signal an explosion in altcoin markets.
“Sometimes patience is all it takes.”
Source: TechDev/Twitter
Looking at the Bitcoin dominance chart, TechDev appears to be predicting a massive collapse for BTC.D, similar to what happened between 2016 and 2018. A bearish BTC.D chart shows that altcoins are appreciating faster than BTC.
For the DXY, the analyst suggests that the dollar index appears to have peaked, suggesting investors are starting to allocate their capital to risky assets like crypto.
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