An experienced crypto analyst believes that the time is near for altcoins to shine brighter than Bitcoin (BTC).
Known as TechDev, the analyst shares insights with his 481,600 followers on X, indicating that a new altseason could be on the horizon based on historical price trends.
Referencing data from the 2017 and 2020 bull markets, TechDev suggests that the conditions for a fresh altseason are aligning.
“When altseason?
Not sure.
But the last two started after three consecutive weekly closes over the last Bitcoin weekly high…”
According to TechDev’s analysis, a significant drop in Bitcoin Dominance (BTC.D) typically precedes a period where altcoins outperform Bitcoin.
Another chart shared by TechDev suggests that altcoins are poised to surpass BTC in performance.
“Another altseason trigger?
When Bitcoin touches this line…”
TechDev suggests that an altcoin season may be imminent as Bitcoin approaches the upper Bollinger Bands on the weekly chart, indicating potential entry and exit points based on volatility.
Furthermore, TechDev notes that Bitcoin is exhibiting parabolic behavior as its Relative Strength Index (RSI) on the two-month chart surpasses the 70 level, a sign of bullish momentum.
“Welcome back to the parabolic zone.”
Comparing Bitcoin’s current movement to its 2017 bull market, TechDev highlights similarities in the M1 money supply pair chart, suggesting potential support levels.
“There’s only one other time worth comparing this Bitcoin move to.”
The M1 money supply chart provides insights into the circulation of money in the US economy.
Currently, Bitcoin is trading at $98,508.
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