A popular crypto analyst says altcoins should skyrocket as early as next year.
The pseudonymous trader, known as TechDev, tells his 401,100 Twitter followers that despite the recent negative expectations and narrative surrounding the crypto industry, altcoins appear poised to stage a massive rally over the next year.
“Altcoins still appear to be positioned for a markup phase through 2023. Expectations and narratives aside.”
Source: TechDev/Twitter
The analyst also notes that Bitcoin’s (BTC) current correction is consistent with previously observed patterns, noting that BTC’s all-time high had the potential to be a lower high at one point.
“Structurally, this fix remains more familiar than different.
Perhaps if the April 2021 impulse high were relieving rather than dispersing, like LTC’s [Litecoin’s] and other’ [tops]if $69,000 had been a lower high and participants would have had an easier time accepting the correction that started 18 months ago.”
TechDev also argues that if Bitcoin’s current chart was upside down, BTC bears would be heavily shorting it right now.
Recently, the analyst said that BTC could target the $100,000 to $120,000 range sometime next year based on his interpretation of Elliott Wave principles.
Elliott Wave Theory is a technical analysis system based on the idea that price momentum occurs in a series of waves driven by crowd psychology. It assumes that a trend is accompanied by five main waves, with each main wave made up of five other sub-waves.
Bitcoin is changing hands for $16,559 at the time of writing. The top-rated crypto asset by market cap is up 1.73% in the last 24 hours. BTC remains more than 76% below its all-time high of $69,000 set last November.
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