A widely followed crypto analyst says a number of high timeframe indicators currently indicate that Bitcoin’s (BTC) bear market is over and an upward expansion is imminent.
Pseudonymous analyst TechDev tells According to its 418,000 followers on the social media platform
TechDev 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 seems to suggest that Bitcoin’s Bollinger bands, which measure relative volatility, have compressed enough to predict a likely breakout to the upside.
“What Bitcoin Looked Like Before It Moved North…”
The closely watched analyst says both Bitcoin and the altcoin market are looking for breakouts at the same time. He compares Bitcoin to OTHERS, a chart that measures the market capitalization of all crypto assets except BTC and Ethereum (ETH).
According to the trader, BTC has gained support at the start of a long-term bullish momentum, while OTHERS have broken through downside resistance.
“BTC and alts are lining up.”
Earlier this year, TechDev said Bitcoin had checked “The 3-Pole Signal” that preceded each of Bitcoin’s four all-time highs.
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