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An influential analyst, known for timely predictions in the crypto market, foresees a significant uptick in altcoins on the horizon.
Under the pseudonym TechDev, this analyst, followed by 461,900 users on the social media platform X, points to the TWOERS chart. This index tracks the market capitalization of cryptocurrencies excluding the top 10 digital assets and stablecoins, over a two-week period.
TechDev notes striking similarities between the current setup of TWOERS and its configuration back in 2017, just before a dramatic surge in altcoin prices. He remarks, “Accumulation –> Markup –> Expansion… Every bearish argument I’ve reviewed fails when tested against the start-of-2017 benchmark. They’re speculative at best; I advise caution before presenting them as proven facts without thorough backtesting.”
Source: TechDev/X
Examining his charts, TechDev suggests that TWOERS is poised for an expansion phase reminiscent of the market dynamics seven years ago, particularly after respecting the 0.382 Fibonacci level. His analysis also indicates that the Relative Strength Index (RSI) momentum indicator is on the verge of establishing a bullish pattern, with a higher low forming at its diagonal support.
To bolster his optimistic outlook on altcoins, TechDev considers the Bitcoin Dominance Index (BTC.D), which measures BTC’s share of the total crypto market cap. He shares a chart illustrating a potential downtrend in BTC.D, signaling a bearish divergence and implying that Bitcoin’s momentum is waning against altcoins.
TechDev explains, “The crypto market, encapsulated in two charts: BTC consolidates bullishly near its previous all-time high, while a substantial altseason looms.”
Source: TechDev/X
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