Elite Crypto Analyst Notes Identical Signals that Preceded 2021 Altseason: “Can’t Be Anything but Bullish” on Altcoins
Leading cryptocurrency analyst Moustache, who has over 80,000 followers on Twitter, stated he ‘can’t be anything but bullish on altcoins’ based on his technical analysis. He drew comparisons to the setup seen in early 2020 right before the massive altcoin rally throughout 2021.
In his Twitter post, Moustache said “The last time we had a setup like this was in 2020. We have a perfect backtest, OBV in bullish territory, and a bullish TSI cross. What we have seen in the last few days was a perfect backtest, just like in 2020.”
This analysis warrants further explanation. The On Balance Volume (OBV) is an indicator that measures overall volume flow into and out of an asset over time. A rising OBV line amidst prices moving sideways or lower suggests accumulated buying pressure. The True Strength Index (TSI) is a momentum oscillator similar to MACD. A crossover of the TSI lines from below to above the zero line is considered a bullish signal.
In early 2020, altcoins completed a technical “backtest” of support levels, just as we’ve seen in recent volatility, before parabolic gains in 2021. Moustache is implying the setup on key indicators now mirrors that fateful period. With OBV in bullish territory and an incoming TSI crossover, the stage may be set for altcoins to run once more.
Bitcoin ETF approvals could provide the necessary boost. As the SEC deliberates crypto ETF applications like VanEck’s, this may further normalize digital assets and attract new capital. Ethereum, which will see its own ETF product in 2024, could be a prime beneficiary.
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Show more +If history repeats, long-term altcoin holders may be sitting on the precipice of significant price appreciation over the next 12-24 months. Based on the technical confluence described by 80k follower analyst Moustache, 2024 is shaping up to resemble another banner year for alternative cryptocurrencies. Bulls remain hopeful this setup will culminate in an eagerly anticipated altcoin revival.
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