A well-known crypto analyst is suggesting that altcoins are on the verge of a major surge, based on technical indicators. TechDev, the pseudonymous analyst, has shared his insights with his large following on the social media platform X. According to TechDev, these indicators indicate that the crypto market is following a pattern similar to that of 2020, which resulted in a significant bull cycle.

TechDev’s two-month chart of the total market capitalization of digital assets indicates that they are primed for a substantial breakout. The chart utilizes the Bollinger bands, a tool that measures price volatility. When volatility is low, the upper and lower bands of the Bollinger bands contract, typically preceding an increase in volatility. The current contraction levels are similar to those observed before significant upward moves in 2020, which continued into 2021.

The analyst also points out that the Gaussian channel on the two-week Ethereum chart suggests that the top altcoin is entering a bull cycle. Gaussian channels are momentum indicators used to identify price reversals. TechDev further highlights other indicators, such as bullish Bitcoin consolidation at its previous all-time high, the two-week green Gaussian channel on ETH, the upward movement of DOGE, and the two-month expansion of the altcoin market. These factors combined lead TechDev to draw parallels with previous market cycles.

Additionally, TechDev notes that the Bollinger bands on the two-month OTHERS chart, which tracks the total market capitalization of cryptocurrencies excluding the top 10 digital assets and stablecoins, also appear bullish. The analyst believes that the altcoin market is poised for significant rallies similar to those seen in 2016 and 2021.

In conclusion, TechDev believes that the current market conditions indicate a bullish trend for both Bitcoin and altcoins. However, investors are advised to conduct their own research and exercise caution when making high-risk investments in cryptocurrencies or digital assets.

Please note that The Daily Hodl is not providing investment advice, and readers should perform their own due diligence before engaging in any investment activities.