A widely followed crypto analyst says that altcoins should begin to skyrocket as soon as next year.
The pseudonymous trader known as TechDev tells his 401,100 Twitter followers that altcoins look primed to spark a massive rally going into next year despite recent negative expectations and narratives centered around the crypto industry.
“Altcoins still look positioned for a markup phase into 2023. Expectations and narratives aside.”
The analyst also notes that Bitcoin’s (BTC) current correction is consistent with patterns seen before, noting that BTC’s all-time high at one point had the potential to be a lower high.
“Structurally, this correction remains more familiar than different.
Perhaps if the April 2021 impulse top was more blow-off than distributive, such as LTC’s [Litecoin’s] and others’ [tops], $69,000 would have been a lower high and participants would have an easier time accepting the correction started 18 months ago.”
TechDev also argues that if Bitcoin’s current chart were upside down, BTC bears would be heavily shorting it right now.
Recently, the analyst said BTC could be targeting the $100,000 to $120,000 range at some point next year, based on his interpretation of Elliott Wave principles.
The Elliott Wave Theory is a technical analysis system based on the idea that price impulses happen in a series of waves driven by crowd psychology. It posits that a trend comes with five major waves, with each major wave consisting of five other minor waves.
Bitcoin is changing hands for $16,559 at time of writing. The top-ranked crypto asset by market cap is up 1.73% in the past 24 hours. BTC remains down more than 76% from its all-time high of $69,000, which it hit last November.