Crypto analyst TechDev, known for his insightful market predictions, believes that the altcoin market is on the verge of a major breakthrough. Sharing his analysis with his large following of 446,400 on X, TechDev suggests that the altcoin market cap structure is exhibiting a familiar bullish pattern from the past.

According to TechDev’s charts, the altcoin market cap, excluding the top 10 digital assets, is showing similarities to the pattern observed during the 2016 and 2021 market cycles. In these previous cycles, the market experienced a breakout, retracement, and then a surge to new highs.

Additionally, TechDev points out that the altcoin market cap’s logarithmic moving average divergence (LMACD) indicator is signaling a breakout trend. The LMACD indicator is designed to identify changes in an asset’s trend, strength, and momentum.

TechDev confidently states, “Altcoins are ready. The market is not.”

Moving on to Bitcoin (BTC), TechDev analyzes the two-month chart and suggests that it is currently halfway through its cycle based on historical precedence and the Bollinger bands, which measure price volatility. When volatility decreases, the Bollinger bands widen, indicating an impending explosion in volatility.

TechDev remarks, “BTC: looks about halfway there.”

At the time of writing, Bitcoin is trading at $67,059, showing a 3.6% increase in the last 24 hours.

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