A closely followed crypto strategist and trader believes that the time for altcoins to shine is close at hand.
Pseudonymous analyst TechDev tells his 520,200 followers on the social media platform X that two macroeconomic factors are flashing bullish for altcoins based on historical precedent.
The trader shares a chart suggesting that altcoins tend to explode whenever global liquidity surges and the business cycle bottoms out.
Global liquidity refers to the amount of money sloshing in the world’s financial system, while the business cycle tracks the rise and fall of economic activity over time.
Says TechDev,
“Altcoins don’t run until liquidity breaks out. It’s time.”
Based on the trader’s chart, he appears to suggest that altcoins have sparked steep rallies in 2016 and 2020 following a business cycle bottom and a global liquidity breakout.
Turning to Bitcoin (BTC), the trader predicts that the crypto king will also rally due to the bullish alignment of the two macro factors.
“Are you ready?”
Zooming in on BTC, the trader predicts that Bitcoin will hit a massive price target this cycle after breaking out from a cup-and-handle pattern, which is typically viewed as a bullish continuation structure, indicating that buyers are stepping in without waiting for the asset to drop to its price lows.
“After all the rigorous analysis, will be amusing if it ends up this simple…”
Looking at the trader’s chart, he seems to predict that BTC can surge to as high as $500,000 by 2026.
At time of writing, Bitcoin is worth $85,165.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
