Altcoins
Altcoins Enter ‘Textbook Markup’ Period Seen During 2016 and 2021 Market Cycles, Says Analyst
An analyst known for his crypto macro calls believes the altcoin market is poised to trigger 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, OTHERS appears to be following a “classic” bullish formation after breaking out of a rounded lower pattern.
“Alts enter textbook markup.”
Source: TechDev/X
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 cryptos excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins, also generated the same pattern in 2021 before launching a strong upward push.
Based on the chart, TechDev predicts that OTHERS will reach $1 trillion during its markup phase. At the time of writing, OTHERS is hovering at $291.35 billion, suggesting over 243% upside potential if it hits TechDev’s target.
The analyst also looks at other relevant charts to support his bullish stance on altcoins. According to TechDev, the dominance of Bitcoin (BTC.D) and that of Tether (USDT.D) the graphics are turn signal bearish signals.
Bitcoin dominance tracks the share of the crypto market cap owned by BTC, while Tether dominance measures the share of the crypto market cap owned by USDT. If both charts are bearish, this suggests traders are shifting their capital into altcoins.
“Bitcoin’s dominance is collapsing due to massive distribution. The dominance of Tether is accentuated in the acceleration phase of its distribution. Alts have not increased from this macro compression level since December 2020. The next story is fast approaching.
Technological development said The narrative that could spark an altcoin wave is the launch of Ethereum exchange-traded funds on the spot market.
“Prepare the next alternate narrative just in time. ETH ETF.
Don’t miss a beat – Subscribe to receive email alerts directly to your inbox
Check Price Action
follow us on X, Facebook And Telegram
Surf The Hodl Daily Blend
& nbsp
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Vanessa SG/Natalia Siiatovskaia