Crypto Analyst: Altcoins Are Going to Explode in 2023 as BTC Gears Up

1 min read

Altcoins

An analyst who is well-known in crypto says altcoins will begin to rocket as soon as next year. So, before moving forward with this news, we’d like to formulate some interesting questions: will crypto bounce back in 2023? what are the altcoins that will explode next year? or even better, are some altcoins ready to explode? Please read the following report from a crypto analyst. 

TechDev , a pseudonymous trader, tells his 401.100 Twitter followers that altcoins are primed to spark an enormous rally going into next years, despite negative expectations and narratives surrounding the crypto industry.

“Altcoins are still well positioned for a markup stage into 2023. .”

Source:TechDev/Twitter

The analyst also noted that Bitcoin’s current correction ( BTC ) is consistent with previous patterns, noting that BTC had at one time the potential to reach a lower peak.

“Structurally this correction is more familiar than different.

Perhaps if the April 2021 impulse was more blow-off and less distributive than LTC’s [Litecoin]’s tops, $69,000 would have been a lower low and participants would have had an easier time accepting the correction that begun 18 months ago.

Source:TechDev/Twitter

TechDev also asserts that, if Bitcoin’s chart was upside down, BTC bears might be heavily shorting it now.

Based on his interpretations of Elliott Wave principles, the analyst recently stated that BTC could target the $100,000-$120,000 range in the next year.

Elliott Wave Theory is a technical analysis system that uses crowd psychology to explain price impulses. The theory states that a trend is composed of five major waves and five minor waves.

Bitcoin currently trades for $16,559 as of this writing In the last 24 hours. BTC has risen 1.73% to be the top-ranked cryptocurrency asset according to market capital. BTC is still down 76% from its record high of $69,000 last November.

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