Cryptocurrency market poised for growth: expert predicts bullish expansion

The cryptocurrency market continues to experience uncertainty following recent price movements, with analyst insights gaining significant importance. Notably, a prominent crypto analyst discussed a new process that could potentially lead to a market rally.

This analyst, who focuses on technical indicators, suggested that altcoins are on the verge of a parabolic rise. TechDev, a well-known figure in the crypto analytics community, offered an optimistic outlook for the market, indicating that both Bitcoin and altcoins are poised for a significant upward move, marking an important phase in the current bull cycle.

TechDev’s Bullish Expansion Analysis on the Cryptocurrency Market

TechDev highlighted in a post on X (formerly Twitter) that the entire cryptocurrency market has embarked on its first macro bullish extension in three and a half years. He backed up his claim with a bi-monthly chart of the total crypto market capitalization, which shows the market is at a similar stage to 2020, just before the bull market of 2021 took off and crypto tokens experienced significant gains.

This chart suggested that cryptocurrencies have completed a healthy consolidation phase and are now primed for a parabolic upward movement. This expected breakout of the current trading range underscores the idea of ​​a macro bullish extension.

Furthermore, TechDev pointed out that the Bollinger Bands indicate an upward movement on the bi-monthly OTHERS chart, which tracks the total market value of cryptocurrencies, excluding the top 10 crypto-assets and stablecoins.

He suggested that bullish rallies similar to those seen in 2016 and 2021 could be on the horizon. TechDev’s analysis is supported by another crypto analyst, Mikybull Crypto, who shared a Bitcoin chart indicating that the leading cryptocurrency is poised for its next upward leg, potentially reaching close to $90,000.

Bitcoin and Altcoins Poised for Profits

In a previous post, TechDev emphasized that Bitcoin and altcoins are positioned to make significant gains. He highlighted a chart showing that Bitcoin is poised to surpass its current high (ATH) of $73,000 with a significant upward move, referred to as a “God candle”.

Altcoins, according to his analysis, are also poised for a significant rise. TechDev previously suggested that Bitcoin’s current price action mirrors its 2021 behavior when the cryptocurrency saw a dramatic 1,200% rise, reaching $20,000. This raises the possibility of another parabolic move, potentially pushing Bitcoin’s price close to $1 million.

Despite TechDev’s bullish outlook, other analysts offer a more cautious perspective. Rekt Capital, another crypto analyst, argues that Bitcoin is showing signs of forming another local top, implying that the recent recovery may not mean a continuation of the bull run just yet. Rekt Capital suggests that Bitcoin is likely to continue consolidating between $60,000 and $70,000 in the short term.

Similarly, crypto analyst Michael van de Poppe noted that Bitcoin has yet to break through the $70,000 resistance level. He mentioned that he would like to see Bitcoin maintain a position above $66,000 to confirm that “everything is fine”, reinforcing the sentiment that no immediate breakout is taking place.

Long-term impact of the 2024 US elections

The 2024 US elections are expected to have a significant impact on the cryptocurrency market, mainly through regulatory and economic channels. The political climate surrounding the elections can drive significant changes in regulatory policy, particularly if there is a shift in administration or legislative priorities.

For example, increased regulatory clarity or favorable policies towards cryptocurrencies and blockchain technology could boost investor confidence and drive market growth. Conversely, tighter regulations can create headwinds for the market.

Economic conditions affected by the election outcomes will also play a critical role. In anticipation of the elections, market participants may exhibit cautious trading behavior, leading to potential volatility. In addition, the alignment of the elections with important events such as the Bitcoin halving can amplify market movements.

Analysts predict that the combination of reduced Bitcoin supply due to the halving and potential policy shifts after the election could lead to a bullish environment for cryptocurrencies, pushing prices to new highs. This is further supported by expectations of increased institutional adoption and the launch of spot Bitcoin and Ether ETFs, which are expected to gain traction in the election year, improving market liquidity and stability.

The cryptocurrency market is currently experiencing a mix of optimism and caution. While analysts such as TechDev and Mikybull Crypto predict a significant parabolic move for Bitcoin and altcoins, other experts such as Rekt Capital and Michaël van de Poppe advise a more moderate outlook, suggesting continued consolidation. As the market evolves, the interplay of these perspectives will shape investor expectations and strategies, especially with outside forces like the US election on the horizon.