Altcoins
Crypto Expert Says Market Has Started Macro Bullish Expansion – What This Means for Bitcoin and Altcoin Prices — TradingView News
Crypto analyst TechDev has offered a bullish narrative for the crypto market. He recently hinted that a parabolic move was imminent for Bitcoin and altcoins, following his statement that the market had entered an important phase of this bull cycle.
Crypto market has started a “macro-bullish expansion”
TechDev mentioned in an article by X (formerly Twitter) that “the entire crypto market just began its first macro-bullish expansion in three and a half years.” The analyst shared a bi-monthly chart of the total crypto market capitalization, which shows that the market is currently at a similar stage to that of 2020, just before the 2021 bull market takes effect and that crypto tokens are only starting to see a significant upward trend.
From the chart he shared, one can also infer that Tech Dev was implying that the 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 “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 seems 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 X article, 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 divine candle that 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 had also previously suggested that Bitcoin was currently reflecting its 2021 price action, when the flagship crypto saw a 1,200% price rise 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 suggested that a parabolic move for Bitcoin and altcoins was imminent, crypto analyst Rekt Capital provided a different insight. He claimed that Bitcoin is showing signs that its recent rebound “fueled the formation of another local top,” 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 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.”