The analyst, who continues to gain popularity for his timely predictions on the cryptocurrency market, believes the stage is set for altcoins to surge.
The anonymous analyst, TechDev, 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 capitalization of all cryptocurrencies except the top 10 digital assets and stablecoins.
According to analysts, OTHERS appears to mirror the setting of 2017, just before the altcoin market surged.
“Accumulate → Markup → Expand…”
Not one of the bearish ideas I’ve seen has passed a backtest in early 2017. All ideas are speculations, and I would advise not stating them as fact without backtesting them with a quick scroll to the left.”
A look at traders’ charts seems to suggest that OTHERS is gearing up for an expansion phase similar to what happened about seven years ago after adhering to the 0.382 Fibonacci level. The charts also suggest that the Relative Strength Index (RSI) momentum indicator is about to record a bullish high-low at diagonal support.
To support its bullish stance on altcoins, TechDev has been keeping an eye on the Bitcoin Dominance (BTC.D) index, which tracks the percentage of the cryptocurrency’s market cap that BTC makes up. The analyst shared a chart suggesting that BTC.D is showing a bearish divergence and about to reverse its downtrend, indicating that Bitcoin is losing momentum against altcoins.
The weakness in BTC.D suggests that altcoins will outperform Bitcoin.
TechDev says:
“The cryptocurrency market in two charts.
BTC is showing a bullish trend at its all-time high.
The big altcoin season is approaching.”
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