Altcoins
Crypto Expert Says Market Has Begun Macro-Bullish Expansion: What This Means for Bitcoin and Altcoin Prices — TradingView News
Crypto analyst TechDev has offered a bullish narrative for the cryptocurrency market. He recently hinted that a parabolic move is imminent for Bitcoin and altcoins, following his statement that the market has entered an important phase in this bull cycle.
Cryptocurrency Market Has Begun a “Macro-Bullish Expansion”
TechDev mentioned in an X (formerly Twitter) post that “the entire cryptocurrency market just began its first bullish macro expansion in three and a half years.” The analyst shared a bi-monthly chart of the total cryptocurrency market capitalization, which shows that the market is currently in a similar phase to 2020, just before the 2021 bull market came into full force and crypto tokens began to enjoy a significant upward trend.
From the chart he shared, one could also deduce that Tech Dev was suggesting that crypto tokens had completely gone through a healthy consolidation phase and were well prepared for this parabolic upward move. This is why the crypto analyst referred to the “bullish macro expansion,” with these coins poised to break out of the range they have been trading in for some time now.
Crypto analyst Mikybull Crypto also seems to agree with TechDev’s analysis. He shared a Bitcoin chart that showed the flagship cryptocurrency was poised for its next jump, which would take it to nearly $90,000.
Meanwhile, in an earlier post on X, TechDev said that Bitcoin and altcoins were “poised” to climb the charts. He pointed out on the chart he shared that Bitcoin is about to have a divine candle that would send it above 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 price action from 2021, when the flagship cryptocurrency saw a 1,200% price increase to $20,000. This has raised the possibility of Bitcoin enjoying such a parabolic move again, which could push its price to almost $1 million.
For now, Bitcoin is still consolidating
While TechDev suggests that a parabolic move for Bitcoin and altcoins is imminent, crypto analyst Rekt Capital has provided a different view. He stated that Bitcoin is showing signs that its recent rebound “fueled the formation of another local high,” suggesting that this recent move was not yet a continuation of the bull run.
The crypto analyst added that history suggests that Bitcoin will likely continue to consolidate between $60,000 and $70,000 in the meantime. Crypto analyst Michaël van de Poppe also shared a similar sentiment, noting that no breakout has yet occurred for Bitcoin as the $70,000 resistance level has been rejected. He added that he would like to see Bitcoin hold above $66,000, as that would confirm that “all is well.”