A popular crypto analyst says technical indicators are suggesting that the altcoin market is gearing up for a massive breakout.
Pseudonymous analyst TechDev tells his 446,400 followers on the social media platform X that the altcoin market cap structure may be repeating a historic bullish pattern.
-->“Altcoin accumulation. The most vertical leg since 2021 appears on deck.”
Source: TechDev/XLooking at his charts, the analyst suggests that the crypto market cap, excluding the top 10 digital assets, is repeating a pattern seen during the 2016 and 2021 market cycles when it broke out, retraced and then surged to a new top.
The analyst also suggests that the altcoin market cap’s logarithmic moving average divergence (LMACD) indicator is flashing a breakout trend. The LMACD indicator is designed to reveal changes in an asset’s trend, strength and momentum.
Says TechDev,
“Altcoins are ready. The market is not.”
Source: TechDev/XNext up, the analyst also says that Bitcoin (BTC) appears on the two-month chart to be halfway through its current cycle based on historic precedence and the Bollinger bands, a price volatility gauge. The upper and lower bands widen when volatility declines while the bands contract when volatility is about to explode.
Says TechDev,
“BTC: looks about halfway there.”
Source: TechDev/XBitcoin is trading for $67,059 at time of writing, up nearly 3.6 in the last 24 hours.
