Analyst Predicts Altcoin Market To Reach $7 Trillion During This Cycle
According to a crypto analyst and trader known as TechDev, altcoins are gearing up to spark on a huge rally as Q4 of 2021 is coming to an end.
TechDev shared with his 128.7K followers on Twitter that the altcoin market is currently looking incredibly similar to its price action during the previous 2017 bull cycle.
The analyst predicts – based on the hypothesis that it follows 2017 script – the altcoin market could explode as high as $7 trillion by early 2022, before making a large correction.
Bitcoin (BTC)
Looking into Bitcoin (BTC), TechDev follows the same history comparison approach. He points out that the monthly relative strength index (RSI) looks to head towards historic resistance that called tops of previous Bitcoin bull cycles.
The relative strength index (RSI) is a momentum indicator used in technical analysis that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset.
“Highest monthly close in history.
Congrats Bitcoin and congrats y’all.
We are now headed toward our second monthly RSI (relative strength index) peak like every cycle before.
Bitcoin is trading at $63,275, at the time of writing, according to CoinMarketCap.
The analyst compares BTC’s price action to previous bull run back in November of 2017, and says that Bitcoin seems ready to climb the next leg of its current bull cycle.
