Markets
Crypto expert says market has started macro-bullish expansion
Crypto Analyst TechDev offered a bullish narrative for the crypto market. He recently hinted that a parabolic move was imminent for Bitcoin and altcoinsfollowing his statement that the market has entered an important phase this bull cycle.
Crypto market has started a “macro-bullish expansion”
TechDev mentioned in an X (formerly Twitter) job that “the entire crypto market has just begun its first macro-bullish expansion in three and a half years.” The analyst shared a bi-monthly chart of the total capitalization of the cryptocurrency marketwhich showed that the market was currently at a stage similar to 2020just before the 2021 bull market takes effect and crypto tokens begin to see a significant uptrend.
From the chart he shared, one could also infer that Tech Dev was implying that crypto tokens had completely undergone a healthy consolidation phase and were well prepared for this parabolic upward movement. This is why the crypto analyst referred to “macro bullish expansion” as these coins are ready to break out of the range they have been trading in for some time now.
Crypto Analyst Mikybull Crypto also seemed to agree with TechDev’s analysis. He shared a Bitcoin chart that showed the flagship crypto was ready for its next step, which would send it to almost $90,000.
Meanwhile, in a previous Message, TechDev mentioned that Bitcoin and altcoins were “ready” to break through the charts. He highlighted on the chart he shared that Bitcoin is about to have a God Candle this would take it past its current all-time high (ATH) of $73,000. Altcoins were also at a stage where they would move significantly higher.
TechDev also had previously suggested that Bitcoin was currently reflecting the price action of 2021, when the flagship crypto saw a 1,200% price surge as it hit $20,000. This raised the possibility that Bitcoin would benefit from such a parabolic move again, which could push its price close to $1 million.
Bitcoin is still consolidating at the moment
While TechDev suggests a parabolic move for Bitcoin and altcoins is imminent, crypto analyst Rekt Capital shed a different light. He claims that Bitcoin is showing signs that its recent rebound “fueled the formation of another local summit”, suggesting that this recent decision was not a continuation of the bull run just now.
The crypto analyst added that history suggests Bitcoin will likely continue to consolidate between $60,000 and $70,000 waiting for. Michaël van de Poppe, crypto analyst Also sharing a similar sentiment as he noted 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 hold above $66,000 as this would confirm that “everything is good.”
Featured image created with Dall.E, chart from Tradingview.com