Analyst Predicts Major Move for One Altcoin, Says Crypto Markets Primed for a Bounce as US Dollar Weakens

A carefully followed crypto expert is requiring rallies in one Ethereum-based altcoin and forecasting a general relocation in the digital property markets on the back of a weaker United States dollar.

The pseudonymous expert called TechDev informs his 400,000 Twitter fans that payments and remittance-focused Telcoin (TEL) might be preparing for a larger bounce after appreciating a crucial Fibonacci retracement level.

“After a retrace to the 0.618, TEL saw a weekly ‘Huge Bull’ breakout from a volatility capture.

Very first green dot printed. Now pursuing second close above trackline.

Expecting:
— second green dot
— Bars to turn green
— Trackline to turn green

Might be start of next significant relocation.”

Sometimes of composing, TEL is altering hands for $0.0018, down almost 9% on the day.

TechDev likewise states that altcoins in basic are set for more gains as their total market cap holds above its 2017 high.

According to the expert, the holding of the important assistance plus a weakening United States dollar index (DXY) might be a dish for significant gains in the future.

“Altcoins continue to hold above previous all-time high in what I think is a build-up structure …

While DXY continues its parabolic breakdown.

So long as both continue, thesis stays the same for last 8 months:

That we remain in a flat correction within a bigger relocation.”

Taking A Look At Bitcoin, the popular crypto expert states that BTC remains in a 20-year long Elliott Wave cycle that might last up until 2030. Elliott Wave is a technical analysis system based upon the concept that rate impulses take place in a series of waves driven by crowd psychology. The theory presumes that a pattern includes 5 significant waves, with each significant wave including 5 small waves.

According to TechDev, BTC might be targeting the $100,000 to $120,000 eventually next year, based upon his analysis of Elliott Wave concepts.

“Stays main macro Bitcoin concept, supported by weekly OBV (on-balance volume).

Cycle Wave 3 regularly 3x longer than Wave 1.

Main 3 of Cycle 3: $100,000-$120,000 [in] 2023
Main 4 of Cycle 3: $25,000- $45,000 [in] 2024
Main 5 of Cycle 3: $300,000-$450,000 [in] 2025

Guides trading strategy and invalidation.”

Included Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia