The Most ‘Vertical’ Leg for Altcoins Since 2021 Is Now on Deck, Says Crypto Analyst – Here’s His Outlook

A popular crypto analyst says technical indicators are suggesting that the altcoin market is gearing up for a massive breakout.

Pseudonymous analyst TechDev tells his 446,400 followers on the social media platform X that the altcoin market cap structure may be repeating a historic bullish pattern.

“Altcoin accumulation. The most vertical leg since 2021 appears on deck.”

Source: TechDev/X

Looking at his charts, the analyst suggests that the crypto market cap, excluding the top 10 digital assets, is repeating a pattern seen during the 2016 and 2021 market cycles when it broke out, retraced and then surged to a new top.

The analyst also suggests that the altcoin market cap’s logarithmic moving average divergence (LMACD) indicator is flashing a breakout trend. The LMACD indicator is designed to reveal changes in an asset’s trend, strength and momentum.

Says TechDev,

“Altcoins are ready. The market is not.”

Source: TechDev/X

Next up, the analyst also says that Bitcoin (BTC) appears on the two-month chart to be halfway through its current cycle based on historic precedence and the Bollinger bands, a price volatility gauge. The upper and lower bands widen when volatility declines while the bands contract when volatility is about to explode.

Says TechDev,

“BTC: looks about halfway there.”

Source: TechDev/X

Bitcoin is trading for $67,059 at time of writing, up nearly 3.6% in the last 24 hours.

Generated Image: DALLE3

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