Altcoin
Altcoins ‘Enter Textbook Markup’ as Crypto Analyst Predicts Big Rally
An analyst known for crypto macro forecasts believes the altcoin market is set to experience significant rallies, similar to those in 2016 and 2021.
What happened: Pseudonymous analyst TechDev shared with his 451,900 followers on X that he is tracking the OTHERS chart. This chart plots the total market capitalization of cryptocurrencies, excluding the 10 largest digital assets and stablecoins, Daily Hodl reported Sunday.
The crypto strategist noted that OTHERS appears to be in a “textbook” bullish formation after breaking out of a rounded bottom pattern.
He stated, “Alts are getting into textbook markup.”
TechDev’s chart indicates that OTHERS has printed a similar pattern to the 2016 bull market cycle. The TOTAL3 chart, which excludes Bitcoin Bitcoin/USD, Ethereum ETH/USD and stablecoins showed the same trend in 2021 before a significant rally.
Based on its analysis, TechDev predicts that OTHERS could reach $1 trillion during the markup phase. Currently, OTHERS is valued at $291.35 billion, indicating a potential upside of over 243% if its target is reached.
TechDev is also examining other charts to support its bullish stance on altcoins. He noted that both Bitcoin and Tether dominance charts show bearish signals, suggesting that traders are shifting capital to altcoins.
Because matter: The potential for a major altcoin rally is significant, especially considering recent market trends. Dogecoin DOGE/USD and other altcoins could see a surge if Bitcoin hits a new all-time high. This is in line with TechDev’s analysis that traders are moving capital from Bitcoin to altcoins.
Additionally, another report noted the move of a top trader from Bitcoin to altcoins, including Shiba Inuindicating growing interest in the altcoin market.
Image via Shutterstock
This story was generated using Benzinga Neuro and modified by Pooja Rajkumari