An analyst known as TechDev is suggesting that the altcoin market is poised for a significant breakout, according to technical indicators. With a following of 446,400 on the social media platform X, TechDev believes that the altcoin market cap structure is repeating a bullish pattern seen in previous market cycles. By examining charts, the analyst points out similarities between the current market and the 2016 and 2021 cycles, where a breakout, retracement, and surge to a new high occurred.

Furthermore, TechDev highlights the logarithmic moving average divergence (LMACD) indicator, which indicates a breakout trend in the altcoin market cap. This indicator is designed to reveal changes in an asset’s trend, strength, and momentum.

In addition to altcoins, TechDev also analyzes Bitcoin’s current cycle. Based on historical precedence and the Bollinger bands, which measure price volatility, the analyst suggests that Bitcoin is halfway through its current cycle on the two-month chart. The Bollinger bands widen when volatility decreases and contract when volatility is about to increase.

At the time of writing, Bitcoin is trading at $67,059, showing a 3.6% increase in the past 24 hours.

It is important to note that the opinions expressed by TechDev are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are done at the individual’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets and is not an investment advisor.