A trader who continues to build community with macro-crypto calls thinks top memecoin Dogecoin (DOGE) is about to spark strong gains.
Pseudonymous analyst TechDev tells his 467,500 followers on social media platform X that Dogecoin appears to be mirroring a pattern seen during the 2020 cycle.
The trader shares a chart suggesting that DOGE appears to be turning a key resistance level into support ahead of a strong push higher.
The trader’s chart also shows that he believes the altcoin market is poised for a surge, stating that “as DOGE goes, so goes the altcoin market.”
At the time of writing, DOGE is trading at $0.106, down slightly on the day.
Regarding Bitcoin, the trader shares a chart suggesting that BTC is preparing for the final leg of its cycle.
From the trader’s chart, it seems to suggest that Bitcoin follows global liquidity cycles based on a measure that pits China’s 10-year bond (CN10Y) against the seasonally adjusted U.S. money supply (M2NS). According to TechDev, Bitcoin tends to post cyclical highs when the global liquidity measure spikes, not when it drops.
To support his bullish stance on BTC, the trader shares another chart suggesting that Bitcoin appears to be mimicking its 2016 cycle. The trader’s chart shows that, much like in 2016, Bitcoin has made an ABC corrective move over the two-month period while a momentum indicator, the Relative Strength Index (RSI), appears poised for a recovery after cooling down from 68 to 62.
During the 2016 cycle, Bitcoin triggered a massive rally that saw BTC rise from around $300 to its peak of around $20,000.
At the time of writing, BTC is worth $60,241.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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