A closely-watched crypto analyst calls for rallies in an Ethereum-based altcoin and predicts an overall move in digital asset markets on the back of a weaker US dollar.
The pseudonymous analyst known as TechDev tells his 400,000 Twitter followers that Telcoin payments and remittances (PHONE) may be bracing for a larger rebound after meeting a critical Fibonacci retracement level.
“After returning to 0.618, TEL saw a weekly ‘Big Bull’ breakout from volatility compression.
First green dot printed. Now let’s try the 2nd close above the trail line.
To monitor :
– 2nd green dot
– Bars to return to green
– Trackline to go green
This could be the start of the next major move.
At the time of writing, TEL is changing hands for $0.0018, down nearly 9% on the day.
TechDev also indicates that altcoins in general should generate more gains as their overall market cap remains above its 2017 high.
According to the analyst, holding critical support plus a weakening in the US Dollar Index (DXY) could be a recipe for big gains going forward.
“Altcoins continue to hold above their all-time highs in what I believe is an accumulation pattern…
While DXY continues its parabolic decomposition.
As long as the two continue, the thesis remains unchanged for eight months:
That we are in a flat correction in a bigger move.
Looking at Bitcoin, the famous crypto analyst says that BTC is in a 20-year Elliott Wave cycle that could last until 2030. Elliott Wave is a system of technical analysis based on the idea that price impulses occur in a series of waves driven by the psychology of crowds. The theory posits that a trend is accompanied by five major waves, with each major wave being made up of five minor waves.
According to TechDev, BTC could be targeting $100,000 to $120,000 at some point next year, based on its interpretation of Elliott Wave principles.
“Remains the main idea of the Bitcoin macro, supported by the weekly OBV (volume on sale).
Cycle Wave 3 consistently 3x longer than Wave 1.
Primary 3 of Cycle 3: $100,000-$120,000 [in] 2023
Primary 4 of Cycle 3: $25,000 – $45,000 [in] 2024
Primary 5 of cycle 3: $300,000 to $450,000 [in] 2025
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