Widely followed crypto analyst Criptopaul says he thinks a “parabolic” phase is coming to digital assets markets, specifically to altcoins.
The trader shares in his Telegram channel a Bitcoin (BTC) chart overlayed with CRYPTOCAP, which measures the value of all assets in the crypto ecosystem excluding BTC.
[adinserter block="1"]Criptopaul notes how in late 2020, Bitcoin reached its all-time high slightly before altcoins started going parabolic.
According to the analyst, a similar pattern may be in play today, with altcoins potentially getting ready to explode following Bitcoin’s recent touch of new all-time highs (ATHs).
“Remember that. We are really in this stage.”
The trader notes a similar pattern with Ethereum (ETH) and Bitcoin.
“ETH, in light blue, it’s not even close to its past ATH, just like there.”
Looking at Ethereum in its Bitcoin pair (ETH/BTC), often looked to as a bellwether for altcoin strength, Criptopaul says that ETH/BTC has bottomed out after bouncing off a strong support level around 0.05.
The analyst says Bitcoin dominance, which measures BTC’s market cap in relation to all other crypto assets, is also signaling altcoin strength.
“ETHBTC bottom is confirmed.
BTC D top is confirmed. It looks so bearish here.”
At time of writing, Bitcoin is trading at $69,172, down 4% in the last 24 hours.
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