An analyst known for his macro cryptocurrency views believes the altcoin market is poised to trigger a steep rally similar to what was witnessed in 2016 and 2021.
Pseudonymous analyst TechDev told his 451,900 followers on social media platform
According to a cryptocurrency strategist, OTHERS appears to be following a “textbook” bullish formation after breaking out of a rounding bottom pattern.
“Alt is entering textbook markup.”
Looking at the trader’s charts, it appears that OTHERS has printed the exact same pattern seen during the 2016 bull market cycle. The TOTAL3 chart, which tracks the market capitalization of all cryptocurrencies excluding Bitcoin (BTC), Ethereum (ETH), and stablecoins, also showed a significant rise after creating the same pattern in 2021.
Based on the chart, TechDev predicts OTHERS will rise up to $1 trillion during the markup phase. As of this writing, OTHERS is sitting at $291.35 billion, suggesting upside potential of over 243% if TechDev achieves its goals.
The analyst is also looking at other relevant charts to support his bullish stance on altcoins. According to TechDev, both Bitcoin dominance (BTC.D) and Tether dominance (USDT.D) charts are showing bearish signals.
Bitcoin dominance tracks how much of the cryptocurrency’s market capitalization belongs to BTC, while Tether dominance measures how much of the cryptocurrency’s market capitalization belongs to USDT. If both charts are bearish, it means traders are moving capital into altcoins.
“Bitcoin dominance is collapsing due to large-scale distribution. Tether’s dominance is decreasing during the accelerated deployment phase. Alts have not scaled at this level of macro compression since December 2020. The next story is coming soon.”
TechDev says a story that could spark an altcoin surge is the launch of spot market Ethereum exchange-traded funds.
“Please tell me the next alternate narrative in time. ETH ETF.”
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