A crypto analyst, who has built a loyal following through his timely market predictions, believes the scene is now set for altcoins’ big surge upwards.
TechDev is a pseudonymous crypto analyst who tells his 461,900 social media followers on X he has been looking at the chart for OTHERS. This shows the total market cap of all cryptocurrency excluding 10 of the largest digital currencies and stablecoins.
The analyst believes that OTHERS has mirrored its 2017 setup, just prior to altcoins experiencing a rapid rise.
“Accumulation –>Markup –> Expansion…
No bearish ideas I have seen pass a backtest at the start of 2017. All ideas are a guess. It is not wise to state that they are factual without first backtesting them by scrolling left.”
The trader seems to be indicating that OTHERS, after respecting 0.382 Fibonacci levels around seven years ago, is preparing for an expansion similar to the one which occurred about seven year’s back. This chart suggests that the relative-strength index (RSI) is also about to produce a higher bullish low on its diagonal support.
TechDev’s bullish view on altcoins is supported by the Bitcoin dominance Index (BTC.D), a measure of how much the crypto market capital belongs to Bitcoin. BTC. Analyst shares chart that suggests BTC.D will soon go into a downward trend as it displays a divergence in the bearish direction, which indicates that Bitcoin has lost momentum compared to altcoins.
BTC.D bearish signals indicate that altcoins will soon outperform Bitcoin.
TechDev:
The crypto market on two charts
BTC consolidates bullishly on its all-time previous high.
“A massive altseason” is approaching.
![Image](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/1719756860_216_Massive-Altseason-on-the-Horizon-As-Altcoins-Gear-Up-for.jpeg)
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Source: dailyhodl.com