- An influential crypto analyst is predicting a significant rise in the altcoin market.
- The analyst is observing a pattern in the market capitalization of altcoins, reminiscent of the 2017 surge.
- A detailed analysis points to favorable conditions that could lead to a bullish move for altcoins.
Discover why a seasoned analyst believes altcoins are on the brink of a major breakout, guided by historical trends and market signals.
Altcoin Market Set for Major Upswing: Analyst Insights
Renowned crypto analyst TechDev, with an expanding follower base on platform X, has indicated that the altcoin market is positioned for a significant rally. Analyzing the two-week chart of OTHERS, which includes all cryptocurrencies except the top ten largest assets and stablecoins, TechDev highlights a market setup reminiscent of the bullish trends seen in 2017.
Historical Trends Point to Growth
TechDev’s analysis shows a repetitive pattern termed “Accumulation –> Markup –> Expansion” which appears to be forming once again. He emphasizes that none of the bearish perspectives he has encountered hold up against historical backtests from early 2017. Drawing parallels with that period, he advises caution in proclaiming bearish forecasts without proper backtesting.
His current chart indicates that the OTHERS market cap is respecting the 0.382 Fibonacci retracement level, suggesting a looming expansion phase similar to 2017’s parabolic rise. Additionally, the Relative Strength Index (RSI) is anticipated to post a bullish higher low, reinforcing a positive market outlook.
Bitcoin’s Dominance Reflecting Potential Altcoin Surge
Shifting focus to Bitcoin’s market dominance (BTC.D), TechDev presents data suggesting a possible decline in Bitcoin’s market share, marked by a bearish divergence. This trend implies that Bitcoin might be losing its momentum relative to altcoins, potentially heralding an upcoming “altseason.” A decline in BTC.D historically correlates with superior performance by altcoins.
TechDev succinctly captures the current market sentiment, stating, “The crypto market in two charts: Bitcoin consolidates bullishly at its previous all-time high, signaling that a massive altseason may be on the horizon.”
Conclusion
The insights provided by TechDev propose a robust bullish scenario for the altcoin market, driven by historical patterns and market indicator signals. As Bitcoin’s dominance wanes, altcoins stand to gain significantly, creating an attractive investment opportunity. Readers are urged to stay informed and consider these insights when making investment decisions in the evolving crypto landscape.
