A crypto market analyst thinks altcoin prices are poised to start an epic rally as the year-end approaches. If his predictions are consistent, the altcoin market will target $7 trillion market cap, according to calculations. The analyst says that this requires reliance on RSI data.
Bitcoin repeats the 2017 bull cycle
The cryptocurrency analyst nicknamed TechDev says that the altcoin market currently reflects price action during the 2017 bull cycle:
Remember what came up for altcoin prices. You haven’t seen anything yet.
The $7 trillion target of the altcoin market
cryptocoin.com If TechDev’s scenario, whose analysis we have shared, comes true, the altcoin market could hit up to $7 trillion in early 2022 before a heavy correction move. By taking a look at Bitcoin (BTC), TechDev highlights that the monthly relative strength index (RSI) appears to be rising towards the historical resistance that marked the highs of previous Bitcoin bull cycles. RSI is an indicator that tracks the momentum of a cryptocurrency. TechDev says in their analysis:
Highest monthly close in history. Congratulations Bitcoin and congratulations to you all. We are now heading towards the second monthly RSI peak like every previous cycle. There is nowhere near the hill. Trust the indicators.
At the time of writing, Bitcoin is trading at $63,288.53, according to data from Coinmarketcap. Comparing BTC’s price action to November 2017, TechDev thinks that Bitcoin (BTC) looks set to kick off the next leg of its bull cycle.
BTC daily chart says get ready for November.
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