A widely followed crypto analyst says that a number of high timeframe indicators are currently suggesting that Bitcoin’s (BTC) bear market is over and an expansion upward is imminent.
Pseudonymous analyst TechDev tells his 418,000 followers on the social media platform X that Bitcoin is in the same situation now that it was before the 2016 and 2020 bull market kicked off.
echDev shares a chart with monthly candles, Bollinger bands, and an additional indicator showing the logarithmic width between the bands relative to the 200-month moving average.
The chart appears to suggest that Bitcoin’s Bollinger bands, which measure relative volatility, have compressed enough to foreshadow a likely breakout to the upside.
“What Bitcoin has looked like before heading north…”
Source: TechDev/X The closely followed analyst says that both Bitcoin and the altcoin market are simultaneously jockeying for breakouts. He compares Bitcoin with OTHERS, a chart that measures the market cap of all crypto assets except BTC and Ethereum (ETH).
According to the trader, BTC has established support at the beginning of a long-term bullish impulse, while OTHERS has broken a downward resistance.
“BTC and alts lining up.”
Source: TechDev/X Earlier this year, TechDev said that Bitcoin had checked “The 3-prong signal” which preceded each of Bitcoin’s four all-time high runs.
