According to a well-known crypto analyst, altcoins are on the verge of stealing Bitcoin (BTC)’s thunder.
Pseudonymous TechDev informs his 481,600 social media followers that he is analyzing historical price movements to predict the arrival of a brand new altseason.
The trader believes that data from the bull markets of 2017 and 2020 in crypto suggests a new altseason on the horizon.
“When altseason?
Not sure.
The last two began after the Bitcoin Weekly High was closed three times in a row …”
According to the chart of a trader, it appears that Bitcoin Dominance BTC.D took a huge plunge after BTC had broken out from its previous cycle highs. BTC rallied for more than three weeks.
BTC.D tracks the percentage of total crypto-market cap that Bitcoin represents. BTC.D charts that are bearish suggest altcoins will soon outperform Bitcoin.
TechDev has shared another chart that shows altcoins on the brink of surpassing BTC.
TechDev believes that an altcoin era is in the near future after Bitcoin surpassed the upper limit of the Bollinger Bands indicator (BB) on the weekly chart. Bollinger Bands are used by traders to identify potential entry or exit points, based on volatility.
TechDev thinks that Bitcoin has reached parabolic levels after the Relative Strength Index on the 2-month chart crossed above 70.
The RSI (Relative Strength Index) is a momentum gauge. A move above 70 indicates that an asset has entered bullish territory.
Welcome back to the parabolic zone.
A trader believes that Bitcoin is mirroring the bull market of 2017, when BTC, in its M1 Money Supply pair (BLX/WM1NS), breached the upper Bollinger Bands and tested it again as support on a monthly chart.
There’s just one time that this Bitcoin transaction is worth comparing to.
Money supply is tracked by the M1 chart.
Bitcoin currently trades for $98,508.
Join us at X@InvCryptoDaily to never miss a beat.
Featured Image: Shutterstock/svetabelaya/WindAwake
The post New Altcoin Season Now Sighted, According to Crypto Strategist. Here’s why may change as new information becomes available.
This site is for entertainment only. Click here to read more
