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Cryptocurrency Market Is Poised for Growth: One Expert Predicts Bullish Expansion
The cryptocurrency market continues to face uncertainty following recent price movements, and analyst insights are gaining significant importance. Notably, a prominent crypto analyst has discussed a new process that could potentially lead to a market rally.
This analyst, focusing on technical indicators, suggested that altcoins are on the verge of a parabolic rise. TechDev, a well-known figure in the crypto analytics community, presented an optimistic outlook for the market, indicating that both Bitcoin and altcoins are poised for a substantial upward move, marking an important phase in the current bull cycle.
Analysis of TechDev’s bullish expansion on the cryptocurrency market
TechDev pointed out in a post on X (formerly Twitter) that the entire cryptocurrency market has embarked on its first bullish macro expansion in three and a half years. He supported his claim with a bi-monthly chart of the total cryptocurrency market capitalization, showing that the market is in a similar stage as 2020, right before the 2021 bull market surged and crypto tokens posted significant gains.
This chart suggests that cryptocurrencies have completed a healthy consolidation phase and are now poised for a parabolic upward move. This expected breakout of the current trading range highlights the idea of a bullish macro expansion.
Furthermore, TechDev pointed out that the Bollinger Bands indicate an upward movement on the bi-monthly OTHERS chart, which tracks the total market value of cryptocurrencies excluding the top 10 cryptocurrencies and stablecoins.
He suggested that bullish rallies similar to those seen in 2016 and 2021 could be on the horizon. TechDev’s analysis is supported by another crypto analyst, Mikybull Crypto, who shared a Bitcoin chart indicating that the leading cryptocurrency is poised for its next upward leg, potentially reaching nearly $90,000.
Bitcoin and Altcoins ready to earn
In a previous post, TechDev highlighted that Bitcoin and altcoins are positioned to make significant gains. He highlighted a chart showing Bitcoin poised to surpass its current all-time high (ATH) of $73,000 in a substantial upward move, dubbed “God’s candle.”
Altcoins, according to his analysis, are also destined for a significant increase. TechDev had previously suggested that Bitcoin’s current price action mirrors its behavior in 2021, when the cryptocurrency saw a dramatic increase of 1,200%, reaching $20,000. This raises the possibility of another parabolic move, potentially pushing Bitcoin’s price close to $1 million.
Despite TechDev’s bullish outlook, other analysts offer a more cautious outlook. Rekt Capital, another crypto analyst, argues that Bitcoin is showing signs of forming another local high, implying that the recent bounce may not signify a continuation of the bull run just yet. Rekt Capital suggests that Bitcoin will likely continue to consolidate between $60,000 and $70,000 in the near term.
Similarly, crypto analyst Michaël van de Poppe noted that Bitcoin has yet to break above the $70,000 resistance level. He said he would like to see Bitcoin hold a position above $66,000 to confirm that “all is well,” reinforcing the sense that no immediate breakout is occurring.
Long-term impact of the 2024 US elections
The 2024 US election is expected to have a substantial impact on the cryptocurrency market, primarily through regulatory and economic channels. The political climate surrounding the election could lead to significant changes in regulatory policies, particularly if there is a change in administrative or legislative priorities.
For example, greater regulatory clarity or favorable policies towards cryptocurrencies and blockchain technology could increase investor confidence and stimulate market growth. On the contrary, stricter regulations could create market obstacles.
Economic conditions influenced by election results will also play a key role. In anticipation of the election, market participants may exhibit cautious trading behavior, leading to potential volatility. Furthermore, aligning elections with significant events such as the Bitcoin halving could amplify market movements.
Analysts predict that the combination of Bitcoin’s reduced supply due to the halving and potential post-election political changes could lead to a bullish environment for cryptocurrencies, pushing prices to new highs. This is further supported by expectations of greater institutional adoption and the introduction of Bitcoin and Ether spot ETFs, which are expected to gain traction during the election year, improving market liquidity and stability.
The cryptocurrency market is currently experiencing a mix of optimism and caution. While analysts like TechDev and Mikybull Crypto predict a significant parabolic move for Bitcoin and altcoins, other experts like Rekt Capital and Michaël van de Poppe advise a more moderate outlook, suggesting continued consolidation. As the market evolves, the interplay of these outlooks will shape investor expectations and strategies, especially with external forces such as the U.S. election on the horizon.