Widely followed crypto analyst Criptopaul says he thinks a “parabolic” phase is coming to digital assets markets, specifically to altcoins.
The trader shares in his Telegram channel Bitcoin (BTC) chart overlayed with CRYPTOCAP, which measures the value of all assets in the crypto ecosystem excluding BTC.
Criptopaul notes how in late 2020, Bitcoin reached its all-time high slightly before altcoins started going parabolic.
According to the analyst, a similar pattern may be in play today, with altcoins potentially getting ready to explode following Bitcoin’s recent touch of new all-time highs (ATHs).
“Remember that. We are really in this stage.”
The trader notes a similar pattern with Ethereum (ETH) and Bitcoin.
“ETH, in light blue, it’s not even close to its past ATH, just like there.”
Looking at Ethereum in its Bitcoin pair (ETH/BTC), often looked to as a bellwether for altcoin strength, Criptopaul says that ETH/BTC has bottomed out after bouncing off a strong support level around 0.05.
The analyst says Bitcoin dominance, which measures BTC’s market cap in relation to all other crypto assets, is also signaling altcoin strength.
“ETHBTC bottom is confirmed.
BTC D top is confirmed. It looks so bearish here.”
At time of writing, Bitcoin is trading at $69,172, down 4% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses 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.
Featured Image: Shutterstock/Ruslan Grumble/PurpleRender
This news is republished from another source.
