Crypto analyst TechDev has offered a bullish narrative for the crypto market. He recently hinted that a parabolic move is imminent for Bitcoin and altcoins, following his statement that the market has entered an important phase in this bull cycle.
Crypto Market Has Began “Macro Bullish Expansion”
TechDev mentioned in an X (formerly Twitter) post that “the entire crypto market has just begun its first macro bullish expansion in three and a half years.” The analyst shared a bi-monthly chart of the total crypto market cap, which showed that the market was currently at a similar stage to 2020, just before the 2021 bull market came into full force and crypto tokens began to enjoy a significant upward trend.
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From the chart he shared, one could also deduce that Tech Dev was hinting that the crypto tokens had completely undergone a healthy consolidation phase and were well primed for this parabolic move to the upside. That is why the crypto analyst made reference to the ‘macro bullish expansion,’ with these coins ready to break out from the range at which they have been trading for some time now.
Crypto analyst Mikybull Crypto also seemed to agree with TechDev’s analysis. He shared a Bitcoin chart that showed that the flagship crypto was ready for its next leg up, which would send it to almost $90,000.
Meanwhile, in an earlier X post, TechDev mentioned that Bitcoin and altcoins were “poised” to rip through the charts. He highlighted on the chart he shared that Bitcoin is about to have a God candle that would send it past its current all-time high (ATH) of $73,000. Altcoins were also at a stage where they would significantly move to the upside.
TechDev had also previously suggested that Bitcoin was currently mirroring its price action from 2021, when the flagship crypto experienced a 1,200% price surge as it rose to $20,000. This raised the possibility of Bitcoin enjoying such a parabolic move again, which could send its price to almost $1 million.
Bitcoin Is Still Consolidating For Now
While TechDev suggested that a parabolic move for Bitcoin and altcoins is imminent, crypto analyst Rekt Capital has provided a different insight. He claimed that Bitcoin is showing signs that its recent rebound “has fed into the formation of another local top,” suggesting that this recent move wasn’t a continuation of the bull run just yet.
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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 as he noted that no breakout is happening yet for Bitcoin since the $70,000 resistance level was rejected. He added that he will like to see Bitcoin hold above $66,000 as that will confirm that “everything is fine.”
Featured image created with Dall.E, chart from Tradingview.com