An analyst who has been steadily gaining popularity for his sound cryptocurrency market predictions believes that the stage is set for a major rise for altcoins.
TechDev, a pseudonymous analyst, told his 461,900 followers on social media platform X that he was looking at a two-week chart of OTHERS, which tracks the market cap of all cryptocurrencies except the top 10 digital assets and stablecoins.
According to analysts, OTHERS appears to reflect the setup of 2017, right before the altcoin market witnessed a parabolic surge.
“Accumulate –> Markup –> Expand…
None of the bearish ideas I’ve seen have been backtested since early 2017. All ideas are speculation. It’s best not to take a quick left and say something as fact without backtesting it.”
Looking at the trader’s chart, he seems to be suggesting that OTHERS is preparing for an expansion phase similar to what happened about 7 years ago after respecting the 0.382 Fibonacci level. The chart also suggests that the RSI (Relative Strength Index) momentum indicator is about to make a higher low at the diagonal support line.
To support his bullish stance on altcoins, TechDev looks at the Bitcoin Dominance (BTC.D) index, which tracks BTC’s share of the overall cryptocurrency market capitalization. The analyst shares a chart that suggests BTC.D will soon enter a downtrend as Bitcoin flashes a bearish divergence that indicates it is losing momentum against the altcoin.
A bearish BTC.D means that altcoins will soon surpass Bitcoin.
TechDev said:
“Cryptocurrency market viewed through two charts.
BTC is showing strength, hitting previous all-time highs.
A huge replacement season is upon us.”
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