According to analyst TechDev, the crypto market is poised for a significant altcoin rally.
Altcoins Mimicking 2017 Setup
TechDev analyzed the OTHERS chart, which tracks the market cap of all cryptocurrencies excluding the top 10 and stablecoins. He observed that OTHERS is mirroring its setup in 2017, before the altcoin market surged.
Bitcoin Dominance Declining
TechDev also looked at the Bitcoin dominance index (BTC.D), which indicates the percentage of the crypto market cap held by Bitcoin. He believes that BTC.D is about to trend down, signaling that altcoins are gaining momentum against Bitcoin.
Bullish Outlook for Altcoins
TechDev’s analysis suggests that altcoins are entering an expansion phase similar to 2017. He notes that the relative strength index (RSI) is about to print a bullish higher low at its diagonal support.
Conclusion
TechDev predicts a “massive altseason” on the horizon, with altcoins poised to outperform Bitcoin. He emphasizes that his analysis is based on historical patterns and should not be taken as investment advice.
