According to a closely watched crypto analyst, it is almost time that altcoins will witness the steepest leg in the bull market.
Pseudonymous TechDev told his 460.100 social media followers that Bitcoin dominance’s (BTC.D.) chart flashed a bearish reversal sign.
BTC.D is a measure of how much the crypto market capitalization belongs to Bitcoin. BTC.D charts that are bearish suggest altcoins will soon outperform Bitcoin.
BTC.D, according to TechDev is showing A divergence in the bearish direction on the chart of five days, which indicates that Bitcoin has lost momentum against alternative cryptocurrencies.
The five-day divergence in favor of Bitcoin’s dominance indicates that it is ready to plunge the most since four years.
Newcomers to altcoins, you’re welcome. These come as BTC reaches its all-time highest consolidations.
And you hear about ‘What if no altseason?’
Wave three is coming soon.”
TechDev follows the Elliott Wave Theory, according to which a bullish investment tends towards a five wave surge. Waves one, three, and five represent upward moves, while waves two and fourth are correction periods. It is also stated that the third wave represents the biggest rally.
The analyst shared an 8-week chart that tracks the total market cap of crypto, excluding stablecoins and the ten biggest digital assets.
OTHERS, according to TechDev’s chart, appears to be retesting its exponential moving (EMA) to determine support. This is similar to the situation in the beginning stages of 2017 and 2020 bull market.
“Altcoins.
Do you think the war is over? They did.”
The EMA appears to be hovering around $200 billion. OTHERS was trading for $222.757 at the time this article was written.
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