One crypto market analyst thinks that altcoins are primed to launch an epic rally as the end of 2021 approaches.
Pseudonymous crypto market analyst TechDev tells his 128,700 Twitter followers that the altcoin market is currently mirroring its price action during the 2017 bull cycle.
“Remember what’s coming for your alts.
You haven’t seen a thing yet.”
Should the altcoin market follow TechDev’s script, it can soar as high as $7 trillion by early 2022 before a heavy corrective move.
Taking a look at Bitcoin (BTC), TechDev highlights that the monthly relative strength index (RSI) looks to be surging towards historic resistance that marked the tops of previous Bitcoin bull cycles. The RSI is an indicator that tracks the momentum of an asset.
“Highest monthly close in history.
Congrats Bitcoin and congrats y’all.
We are now headed toward our second monthly RSI (relative strength index) peak like every cycle before.
Nowhere near a top.
Trust the indicators.”
At time of writing, Bitcoin is trading at $61,191, according to CoinGecko.
Comparing BTC’s price action to November of 2017, TechDev thinks Bitcoin looks ready to kick off the next leg of its bull cycle.
“BTC daily says get ready for November.”
Featured Image: Shutterstock/Andrush