TechDev Crypto Analyst has offered a bullish narrative for the cryptocurrency market. He recently hinted that a parabolic move is imminent for Bitcoin and altcoinsfollowing his statement that the market has entered an important phase in this bullish cycle.
Crypto Market Has Started a โBullish Macro Expansionโ
TechDev mentioned in an X (formerly Twitter) mail that "the entire crypto market has just begun its first macro bullish expansion in three and a half years." The analyst shared a bimonthly chart of the total crypto market capitalizationwhich showed that the market was currently in a stage similar to 2020just before the 2021 bull market came into full effect and crypto tokens began to enjoy a major uptrend.
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From the chart he shared, one could also deduce that Tech Dev was implying that crypto tokens had completely suffered a healthy consolidation phase and we were well prepared for this parabolic move higher. That's why the crypto analyst referenced 'bullish macro expansion', with these coins set to break out of the range they have been trading in for some time now.
Crypto Analyst Mikybull Crypto He also seemed to agree with TechDev's analysis. He shared a Bitcoin chart that showed the flagship cryptocurrency was poised for its next climb, which would send it to nearly $90,000.
Meanwhile, in a previous x publication, TechDev mentioned that Bitcoin and altcoins were โpoisedโ to sweep the charts. He highlighted in the chart he shared that Bitcoin is about to have a god candle that would send it past its current all-time high (ATH) of $73,000. Altcoins were also at a stage where they would move significantly higher.
TechDev had also previously suggested that Bitcoin was currently mirroring its 2021 price action, when the flagship cryptocurrency saw a 1,200% price surge to reach $20,000. This raised the possibility of Bitcoin enjoying such a parabolic move again, which could send its price to nearly $1 million.
Bitcoin is still consolidating for now
While TechDev suggested that a parabolic move for Bitcoin and altcoins is imminent, crypto analyst Rekt Capital has provided a different vision. He reclaimed that Bitcoin is showing signs that its recent bounce "has contributed to the formation of another local summit," suggesting that this recent movement was not a continuation of the confinement still.
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The crypto analyst added that history suggests Bitcoin will likely continue consolidate between $60,000 and $70,000 meanwhile. The cryptanalyst Michaรซl van de Poppe also shared a similar sentiment noting that no breakout has yet occurred for Bitcoin since the $70,000 resistance level was rejected. He added that he would like to see Bitcoin stay above $66,000 as that would confirm that "everything is fine."
Featured image created with Dall.E, chart from Tradingview.com
