One crypto market analyst thinks that altcoins are primed to launch an epic rally as the tip of 2021 approaches.
Pseudonymous crypto market analyst TechDev tells his 128,700 Twitter followers that the altcoin market is at present mirroring its value motion throughout the 2017 bull cycle.
“Bear in mind what’s coming in your alts.
You haven’t seen a factor but.”
Ought to the altcoin market observe TechDev’s script, it could possibly soar as excessive as $7 trillion by early 2022 earlier than a heavy corrective transfer.
Looking at Bitcoin (BTC), TechDev highlights that the month-to-month relative power index (RSI) seems to be surging in the direction of historic resistance that marked the tops of earlier Bitcoin bull cycles. The RSI is an indicator that tracks the momentum of an asset.
“Highest month-to-month shut in historical past.
Congrats Bitcoin and congrats y’all.
We at the moment are headed towards our second month-to-month RSI (relative power index) peak like each cycle earlier than.
Nowhere close to a high.
Belief the symptoms.”
At time of writing, Bitcoin is buying and selling at $61,191, in accordance with CoinGecko.
Evaluating BTC’s value motion to November of 2017, TechDev thinks Bitcoin looks ready to kick off the subsequent leg of its bull cycle.
“BTC each day says prepare for November.”
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