The cryptocurrency market continues to face uncertainty following recent price movements, with analysts’ insights gaining significant importance. Notably, a prominent crypto analyst has discussed a new process that could potentially lead to a market rise.
This analyst, focusing on technical indicators, suggested that altcoins are on the verge of a parabolic ascent. TechDev, a well-known figure in the crypto analysis community, has presented an optimistic outlook for the market, indicating that both Bitcoin and altcoins are poised for a substantial upward move, marking an important phase in the current bull cycle.
TechDev’s Bullish Expansion Analysis on the Cryptocurrency Market
TechDev highlighted in a post on X (formerly Twitter) that the entire cryptocurrency market has embarked on its first macro bullish expansion in three and a half years. He supported his claim with a bi-monthly chart of the total crypto market cap, demonstrating that the market is at a similar stage to 2020, right before the 2021 bull market surged and crypto tokens experienced significant gains.
This chart suggested that cryptocurrencies have completed a healthy consolidation phase and are now primed for a parabolic upward move. This anticipated breakout from the current trading range underscores the idea of a macro bullish expansion.
Furthermore, TechDev pointed out that the Bollinger Bands are indicating an upward movement on the bi-monthly OTHERS chart, which tracks the total market value of cryptocurrencies excluding the top 10 crypto assets and stablecoins
He suggested that bullish rallies akin to those seen in 2016 and 2021 could be on the horizon. TechDev’s analysis is supported by another crypto analyst, Mikybull Crypto, who shared a Bitcoin chart indicating that the leading cryptocurrency is ready for its next upward leg, potentially reaching nearly $90,000.
Bitcoin and Altcoins Poised for Gains
In an earlier post, TechDev emphasized that Bitcoin and altcoins were positioned to make significant gains. He highlighted a chart showing Bitcoin poised to surpass its current all-time high (ATH) of $73,000 with a substantial upward move, referred to as a “God candle.”
Altcoins, according to his analysis, are also set for a significant rise. TechDev previously suggested that Bitcoin’s current price action mirrors its 2021 behavior when the cryptocurrency saw a dramatic 1,200% increase, reaching $20,000. This raises the possibility of another parabolic move, potentially pushing Bitcoin’s price close to $1 million.
Despite TechDev’s bullish outlook, other analysts offer a more cautious perspective. Rekt Capital, another crypto analyst, argues that Bitcoin is showing signs of forming another local top, implying that the recent rebound might not signify a continuation of the bull run just yet. Rekt Capital suggests that Bitcoin will likely continue to consolidate between $60,000 and $70,000 in the short term.
Similarly, crypto analyst Michaël van de Poppe noted that Bitcoin has yet to break through the $70,000 resistance level. He mentioned that he would like to see Bitcoin maintain a position above $66,000 to confirm that “everything is fine,” reinforcing the sentiment that no immediate breakout is occurring.
Long Term Impact of the 2024 U.S. Elections
The 2024 U.S. elections are expected to have a substantial impact on the cryptocurrency market, primarily through regulatory and economic channels. The political climate surrounding the elections could drive significant changes in regulatory policies, particularly if there is a shift in administration or legislative priorities.
For instance, increased regulatory clarity or favorable policies towards cryptocurrencies and blockchain technology could boost investor confidence and drive market growth. Conversely, stricter regulations could create headwinds for the market.
Economic conditions influenced by the election outcomes will also play a critical role. In anticipation of the elections, market participants may exhibit cautious trading behavior, leading to potential volatility. Moreover, the alignment of the elections with significant events such as the Bitcoin halving could amplify market movements.
Analysts predict that the combination of reduced Bitcoin supply due to the halving and potential policy shifts post-election could result in a bullish environment for cryptocurrencies, pushing prices to new highs. This is further supported by expectations of increased institutional adoption and the introduction of spot Bitcoin and Ether ETFs, which are anticipated to gain traction during the election year, enhancing market liquidity and stability.
The cryptocurrency market is currently experiencing a mix of optimism and caution. While analysts like TechDev and Mikybull Crypto predict a significant parabolic move for Bitcoin and altcoins, other experts like Rekt Capital and Michaël van de Poppe advise a more tempered outlook, suggesting continued consolidation. As the market evolves, the interplay of these perspectives will shape investor expectations and strategies, especially with outside forces like the U.S. elections on the horizon.
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