An analyst known for making crypto macro calls believes the altcoin market is poised to spark strong rallies similar to those seen in 2016 and 2021.
Pseudonymous analyst TechDev tells his 451,900 followers on social media platform
According to the crypto strategist, OTROS appears to be following a “textbook” bullish formation after breaking out of a rounded bottom pattern.
"Alternatives are entering textbook marking."
Looking at the trader's chart, OTHERS appears to have printed the exact same pattern seen during the 2016 bull market cycle. The TOTAL3 chart, which tracks the total market capitalization of cryptocurrencies excluding Bitcoin (btc), Ethereum (ETH) and stablecoins, also generated the same pattern in 2021 before launching a major bullish explosion.
Based on the chart, TechDev predicts that OTHERS will recover up to $1 trillion during its margin phase. At the time of writing, OTHERS is around $291.35 billion, suggesting growth potential of over 243% if it hits TechDev's target.
The analyst is also analyzing other relevant charts to support his bullish stance on altcoins. According to TechDev, both Bitcoin (BTC.D) and Tether (USDT.D) the graphics are bright bearish signals.
Bitcoin dominance tracks how much of the cryptocurrency market cap belongs to BTC, while Tether dominance measures how much of the cryptocurrency market cap belongs to USDT. If both charts are bearish, it suggests that traders are shifting their capital into altcoins.
“Bitcoin dominance is breaking due to massive distribution. Tether's dominance is declining in the acceleration phase of its distribution. Alternatives have not expanded from this level of macro compression since December 2020. The next narrative is just around the corner.”
Technological development says The narrative that could trigger an altcoin surge is the launch of Ethereum exchange-traded funds on the spot market.
“Cue the following alternative narrative just in time. myTH ETF.”
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