TechDev cryptocurrency analyst proposed a bullish narrative for the cryptocurrency market. He recently suggested that a parabolic move is imminent Bitcoin and altcoinsfollowing his statement that the market has entered an essential phase this bull cycle.
Cryptocurrency Market “Macro Expansion” Has Begun
TechDev Listed in X (formerly Twitter) post that “the entire cryptocurrency market has just begun its first macroeconomic expansion in three and a half years.” The analyst shared a two-month chart total cryptocurrency market capitalizationwhich showed that the market is currently at a level of approx similar stage as in 2020just before the full force of the 2021 bull market, and cryptocurrency tokens have started to enjoy a significant upward trend.
From the chart he shared, it can also be concluded that Tech Dev suggested that crypto tokens have completely gone through the process fit consolidation phase and they were well prepared for this parabolic upward move. This is why the cryptocurrency analyst has referred to a “macro bullish expansion” and these coins are poised to break out of the range they have been trading in for some time.
Mikybull Crypto cryptocurrency analyst also seemed to agree with TechDev’s analysis. He shared a Bitcoin chart that showed the flagship cryptocurrency is poised for another rally that will send it to nearly $90,000.
Meanwhile in the earlier one Post XTechDev mentioned that Bitcoin and altcoins were “ready” to break through the charts. In the chart he shared, he emphasized that Bitcoin will soon have God’s candle this would surpass the current all-time high (ATH) of $73,000. Altcoins were also at the stage where they would move up significantly.
TechDev had it too previously suggested that Bitcoin is currently reflecting its price action from 2021, when the flagship cryptocurrency experienced a 1,200% price boost as it surged to $20,000. This has raised the possibility that Bitcoin will once again enjoy such a parabolic move, which could push its price to almost $1 million.
Bitcoin continues to consolidate for now
Although TechDev suggested that a parabolic move for Bitcoin and altcoins is imminent, Rekt Capital cryptocurrency analyst provided another insight. He taken over that Bitcoin shows signs of this being the case recent rebound “influenced the formation of another local summit”, which suggests that this latest move was not a continuation of the bull run still.
The cryptocurrency analyst added that history suggests Bitcoin will likely continue to do so consolidate between $60,000 and $70,000 in the meantime. Cryptocurrency analyst Michaël van de Poppe Also common had similar sentiments when he noted that Bitcoin has yet to break out since the $70,000 resistance level was rejected. He added that he would like to see Bitcoin stay above $66,000 because that will confirm that “all is well.”
Featured image created with Dall.E, chart from Tradingview.com
