Altcoins
Altcoins ‘enter the textbook markup’ as crypto analyst predicts major rally
An analyst known for his macro crypto predictions believes that the altcoin market is poised for significant rallies, similar to those in 2016 and 2021.
What happened: Pseudonymous analyst Technological development shared with his 451,900 followers on X that he was monitoring the OTHERS rankings. This chart tracks the total crypto market cap, excluding the 10 largest digital assets and stablecoins, Daily Hodl reported on Sunday.
The crypto strategist noted that OTHERS appears to be in a “classic” bullish formation after breaking out of a rounding bottom pattern.
He said: “Alts are entering textbook markup. »
TechDev’s chart indicates that OTHERS trended similar to the 2016 bull market cycle. The TOTAL3 chart, which excludes Bitcoin BTC/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 its markup phase. Currently, OTHERS is valued at $291.35 billion, indicating an upside potential of over 243% if its target is reached.
TechDev is also looking at other charts to support its bullish stance on altcoins. He noted that Bitcoin and Tether dominance charts are showing bearish signals, suggesting traders are shifting their capital to altcoins.
Why is this important: The potential for a major altcoin rally is significant, especially given recent market trends. Dogecoin DOGE/USD and other altcoins could see an increase if Bitcoin hits a new all-time high. This is consistent with TechDev’s analysis that traders are shifting 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 edited by Pooja Rajkumari