A crypto analyst renowned for his accurate predictions believes that the altcoin market is on the verge of experiencing substantial surges similar to those seen in 2016 and 2021.
TechDev, a pseudonymous analyst with a significant following of 451,900 on the social media platform X, recently shared his observations on the OTHERS chart. This chart tracks the total market capitalization of cryptocurrencies, excluding the top 10 digital assets and stablecoins.
According to TechDev, the OTHERS chart is exhibiting a classic bullish formation after breaking out from a rounding bottom pattern. In his own words, “Alts are entering textbook markup,” suggesting that altcoins are about to enter a phase of significant price increases.
Upon examining TechDev’s chart, it becomes evident that the OTHERS chart is displaying the exact same pattern witnessed during the bull market cycle of 2016. Interestingly, the TOTAL3 chart, which monitors the total market cap of cryptocurrencies without including Bitcoin (BTC), Ethereum (ETH), and stablecoins, also underwent a similar pattern in 2021 before experiencing a substantial surge.
Based on his analysis, TechDev predicts that the OTHERS chart could rally to a staggering $1 trillion during its markup phase. As of now, the market cap of OTHERS stands at $291.35 billion, indicating a potential upside of over 243% if TechDev’s prediction comes true.
To support his optimistic outlook on altcoins, TechDev is also considering other relevant charts. He points out that both the Bitcoin dominance (BTC.D) and Tether dominance (USDT.D) charts are flashing bearish signals. Bitcoin dominance measures the proportion of the crypto market cap occupied by BTC, while Tether dominance indicates the percentage of the market cap held by USDT. If both these charts are bearish, it implies that traders are reallocating their capital to altcoins.
TechDev further suggests that the launch of spot market Ethereum exchange-traded funds (ETFs) could serve as a catalyst for the next altcoin surge. He states, “Cue the next alt narrative right on time. ETH ETF.”
It is important to note that the opinions expressed by TechDev and other contributors at The Daily Hodl do not constitute investment advice. Investors are advised to conduct their own research and exercise caution when making high-risk investments in cryptocurrencies or digital assets. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not a registered investment advisor.
