The cryptocurrency market remains uncertain following last night’s price fluctuations. Bitcoin experienced a drop of around $2,000 but later recovered to reach the $68,400 level. As these events unfold, the comments of analysts are becoming increasingly significant.
Analyst Predicts Bull Market
A well-known cryptocurrency analyst has made predictions about a potential market rise. Taking into account technical indicators, the analyst suggests that altcoins are on the verge of a parabolic surge. For the latest financial and business news, visit COINTURK FINANCE.
The analyst known as TechDev made significant statements to his numerous social media followers on platform X. He mentioned that key technical indicators in the market are resembling the pattern observed in 2020, which triggered a major bull run in the cryptocurrency market.
Overview of the Cryptocurrency Market
The analyst examined a bi-monthly chart that shows the total market value of cryptocurrencies. He observed that cryptocurrencies are increasingly poised for a significant breakthrough. The analyst used Bollinger Bands (BB) in the chart, which typically narrow at the upper and lower bands during periods of low volatility, serving as an indicator of potential price volatility.
The chart reveals that the mentioned indicator has narrowed to similar levels seen before substantial upward price movements in 2020, followed by even larger expansions in 2021.
Among other indicators suggesting a market movement, the analyst highlighted the Gauss channel in the bi-weekly Ethereum (ETH) indicator, which suggests that the top altcoin is likely in a bull cycle.
Gauss channels are momentum indicators that can indicate price turning points.
The analyst also observed that Bollinger Bands have initiated an upward movement in the bi-monthly OTHERS chart, which tracks the total market value of cryptocurrencies excluding the top 10 crypto assets and stablecoins. According to the analyst, this could potentially trigger bullish rallies similar to those seen in 2016 and 2021.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.