As the end of 2021 approaches, a crypto market analyst altcoinHe thinks the ‘s are ready to start an epic rally.
The crypto market analyst, who goes by the nickname TechDev, tells his 128,700 Twitter followers that it reflects the price action the altcoin market is currently undergoing during the 2017 bull cycle.
“Remember what’s coming for your altcoins. You haven’t seen anything yet.”
If the altcoin market follows TechDev’s scenario, it could hit as high as $7 trillion by early 2022 before a heavy correction move.
When it comes to Bitcoin (BTC), TechDev highlights that the monthly relative strength index (RSI) is rising towards a historical resistance that marks the tops of previous Bitcoin bull cycles. RSI is a momentum indicator that tracks the movement of a financial asset.
“Highest monthly close in history.
Bitcoin and congratulations to you all.
We are now heading towards the second monthly RSI (relative strength index) peak like every previous cycle.
Not even close to the top yet. Trust the indicators.”
According to CoinGecko, at the time of writing, Bitcoin is trading at $62,930.
Comparing BTC’s price action to November 2017, TechDev thinks that Bitcoin looks set to kick off the next leg of its bull cycle.
“BTC daily chart tells you to be ready for November.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.