A popular crypto analyst says multiple indicators suggest digital asset markets are gearing up for a rapid upward expansion.
The pseudonymous analyst known as TechDev tells his 408,000 Twitter followers that before each of the (BTC) hit all-time highs (ATH), the Chinese 10-year bond bottomed out, and the Moving Average Convergence/Divergence (MACD) indicator crossed bullish.
The MACD is a technical indicator designed to signal a possible change in trend.
says TechDev,
โThis happened before every Bitcoin move that ATH establishes.โ
TechDev also says that the altcoin market is preparing for a big run based on historical patterns.
The analyst analyzes the total crypto market capitalization excluding Bitcoin and identifies periods of downward price action (correction), sideways movement (accumulation) and price rallies (recharge).
According to the analyst, altcoins are now in the โrechargeโ phase, primed for higher prices.
"Update:
Correction -> Accumulation -> Markingโ
TechDev also compares the altcoin market cap against four other charts. It includes the Bitcoin Dominance Chart (BTC.D), which compares Bitcoin's market capitalization against all other crypto markets, and the Dollar Index (DXY), which pits the dollar against a basket of other major currencies. Also included are charts of the 10-year Chinese note against the DXY (CN10Y/DXY) and Litecoin against Bitcoin (LTC/BTC) pair.
According to TechDev, all the charts appear to follow their market structures between 2016 and 2018, suggesting that multiple 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 predict a massive BTC.D crash, similar to what happened between 2016 and 2018. A bearish BTC.D chart indicates that altcoins are growing faster in value than BTC.
For the DXY, the analyst suggests that the dollar index seems to have peaked, indicating that investors are beginning to put their capital to work in risky assets like cryptocurrencies.
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