A well-known crypto analyst has indicated that altcoins are on the verge of experiencing a significant upsurge based on technical indicators. The analyst, known as TechDev, shared insights with a vast audience on the social media platform X, highlighting various indicators that imply a resemblance to a bullish cycle observed in 2020 within the cryptocurrency market.

TechDev emphasized that the entire crypto market has initiated a macro bullish expansion after a hiatus of three and a half years. The analyst's two-month chart of the total market capitalization revealed that digital assets are signaling a potential breakout. Using Bollinger bands (BB), a tool for measuring price volatility, TechDev pointed out that the contraction of the upper and lower bands signifies a period of low volatility, typically followed by an increase in volatility.

According to the chart, the current levels of contraction in the indicator mirror those seen before significant upward movements in 2020, which extended into 2021. Additionally, TechDev pointed out the Gaussian channel on the two-week Ethereum (ETH) chart, indicating a probable entrance into a bull cycle for the leading altcoin. Gaussian channels, known as momentum indicators, are helpful in identifying price reversals.

The analyst drew attention to the bullish outlook of Bitcoin consolidation at its previous all-time high, the ETH two-week Gaussian channel displaying green signals, DOGE showing upward movement, and the overall alt market witnessing a two-month expansion. These developments led TechDev to question the recurrence of similar patterns in the past.

Another observation by the analyst was the bullish sentiment reflected in the Bollinger bands on the two-month OTHERS chart, which tracks the total market capitalization of cryptocurrencies excluding the top 10 digital assets and stablecoins. TechDev expressed optimism regarding the potential for significant rallies in the altcoin market akin to those seen in 2016 and 2021.

Referencing the macro perspective, the analyst concluded that Bitcoin and altcoins are both likely to encounter favorable market conditions ahead, suggesting imminent substantial movements.