A closely followed crypto analyst is predicting a historic rally for altcoin markets based on an unprecedented technical setup.
The pseudonymous analyst known as TechDev shares a chart with his 532,000 followers on the social media platform X showing the price action of TOTAL2 – which tracks the total market cap of crypto assets excluding Bitcoin (BTC) and stablecoins – with a Bollinger Band indicator.
Bollinger Bands are a technical analysis tool used to assess price volatility and identify potential breakout or mean-reversion opportunities. When the bands are close together, it suggests that volatility is historically low and the asset is potentially due for a big move.
According to TechDev, the Bollinger Bands are tightly contracted for TOTAL2, suggesting that a huge burst to the upside for altcoins is imminent.
“Altcoin compression is at a record high.
Expansion will be unlike anything the market has seen.”
The analyst also believes that, based on the overall business cycle, Bitcoin is nowhere near its top.
“Re-evaluate your top calls.”
TechDev also uses the copper-to-gold ratio as a signal pointing to a likely massive Bitcoin surge.
The copper/gold ratio, often viewed as a proxy for investor risk appetite, has formed a bottom similar to 2020 and 2016, which preceded BTC bull runs, according to TechDev.
“The steep part lies ahead.”
At time of writing, Bitcoin is trading at $107,165, up 4% in the last seven days.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
