An analyst who continues to build a following by applying macro signals to crypto believes that the true Bitcoin (BTC) bull market is just about to get started.
Pseudonymous analyst TechDev tells his 546,300 followers on X that the business cycle largely determines Bitcoin’s bull and bear markets.
The business cycle is the recurring pattern of expansion, peak, contraction and recovery in an economy’s activity.
TechDev shares a chart suggesting that the business cycle is still in the “ramp” or recovery phase, indicating that the expansion or bull market stage for Bitcoin has not even begun.
“It’s not just the tops.
Every ‘bear market’ has ended precisely as red turned to green.
Every ‘ramp’ has lasted as long as bars were green.
Every ‘hockey stick’ has been marked by green flipping red (not the halving).
And yes, every ‘top’ has been marked by a peak in red.
The business cycle’s dynamics are all that’s been needed to understand Bitcoin’s.
Even the profiles of the reds match the profiles of the bull runs…
All I see is ‘this cycle is so different..’ or ‘cycle almost over…’
What’s actually different?
Green has been longer, and thus the ramp has been longer – that’s all.
Red hasn’t even started. Doesn’t seem like most will be here when it does. Will you?”
At time of writing, Bitcoin is trading for $112,131.
Looking at the altcoin market, TechDev says he’s keeping an eye on the TOTAL2 chart, which tracks the market capitalization of all crypto except for Bitcoin and stablecoins.
The trader shares a chart showing that TOTAL2 has shattered the upper range of the parabolic SAR (stop and reverse), an indicator used to determine market trends. The move suggests that TOTAL2 or the altcoin market is now in the midst of a strong uptrend, similar to what happened in January 2021.
“It’s been 4.5 years since Altcoin Dominance did this…”
At time of writing, TOTAL2 is trading at $1.598 trillion.