The cryptocurrency market appears to be poised for a bullish expansion, according to a prominent crypto analyst. TechDev, a well-known figure in the crypto analysis community, has presented an optimistic outlook suggesting that the entire crypto market has just begun its first macro bullish expansion in three and a half years.

TechDev's analysis, supported by a bi-monthly chart of the total crypto market cap, indicates that cryptocurrencies have completed a healthy consolidation phase and are now primed for a parabolic upward move. He believes that altcoins are on the verge of a parabolic ascent, similar to the bullish rallies seen in 2016 and 2021.

Furthermore, TechDev suggests that Bitcoin is poised to surpass its current all-time high of $73,000 with a substantial upward move, potentially reaching nearly $90,000. He also highlights that Bitcoin's current price action mirrors its 2021 behavior when the cryptocurrency saw a dramatic 1,200% increase, raising the possibility of another parabolic move that could push Bitcoin's price close to $1 million.

However, not all analysts share the same level of optimism. Rekt Capital argues that Bitcoin is showing signs of forming another local top, implying that the recent rebound might not signify a continuation of the bull run just yet. Similarly, crypto analyst Michaël van de Poppe notes that Bitcoin has yet to break through the $70,000 resistance level.

The 2024 U.S. elections are expected to have a significant impact on the cryptocurrency market, primarily through regulatory and economic channels. Increased regulatory clarity or favorable policies towards cryptocurrencies and blockchain technology could boost investor confidence and drive market growth, while stricter regulations could create headwinds for the market.

In conclusion, while the crypto market appears to be on the cusp of a bullish expansion, as evidenced by TechDev's analysis, there are also cautious perspectives from other analysts. The interplay of these views, combined with external factors such as the U.S. elections, will shape investor expectations and strategies in the coming months.