A popular crypto strategist predicts strong rallies for altcoins as the broader crypto markets show signs of strength.
Analyst Justin Bennett tells his 98,600 Twitter followers that he is looking at the total valuation of all crypto assets (TOTAL).
According to Bennett, the TOTAL chart has broken through its diagonal resistance which has kept the market bearish for about four months.
I like that better. TOTAL."
According to the analyst chart, the breakout could send the valuation of all crypto assets above the $2 trillion level.
As the TOTAL chart breaks down, Bennett highlights that the market capitalization of all altcoins appears to be bouncing off its diagonal support.
โIt's probably not the best time to be a bass player.
Linear view of altcoin market capโฆ Bottom line is there is no point in being bearish while markets are above macro support.โ
Bennett also highlights that the Bitcoin Dominance Index (BTC.D), which tracks the percentage of BTC's market capitalization relative to all other crypto assets, has broken down from its diagonal support.
According to Bennett, the move signals the start of a new altcoin season or a period where altcoins significantly outperform Bitcoin.
โBTC.D (Bitcoin dominance) is starting to unravel.
It will probably go back to 39.5% in the coming weeks.
Enter AltSeason2022.โ
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
