A closely followed crypto analyst is predicting a historic rally for altcoin markets based on an unprecedented technical setup.

The pseudonymous analyst known as TechDev shares a chart with his 532,000 followers on the social media platform X showing the price action of TOTAL2 – which tracks the total market cap of crypto assets excluding Bitcoin (BTC) and stablecoins – with a Bollinger Band indicator.

Bollinger Bands are a technical analysis tool used to assess price volatility and identify potential breakout or mean-reversion opportunities. When the bands are close together, it suggests that volatility is historically low and the asset is potentially due for a big move.

According to TechDev, the Bollinger Bands are tightly contracted for TOTAL2, suggesting that a huge burst to the upside for altcoins is imminent.

“Altcoin compression is at a record high.

Expansion will be unlike anything the market has seen.”

The analyst also believes that, based on the overall business cycle, Bitcoin is nowhere near its top.

“Re-evaluate your top calls.”

TechDev also uses the copper-to-gold ratio as a signal pointing to a likely massive Bitcoin surge.

The copper/gold ratio, often viewed as a proxy for investor risk appetite, has formed a bottom similar to 2020 and 2016, which preceded BTC bull runs, according to TechDev.

“The steep part lies ahead.”

At time of writing, Bitcoin is trading at $107,165, up 4% in the last seven days.

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