Analyst TechDev believes the altcoin market is on the verge of a significant surge, similar to the rallies witnessed in 2016 and 2021.
Bullish Patterns Emerge
TechDev has been tracking the OTHERS chart, which excludes the top 10 digital assets and stablecoins. He notes that OTHERS has formed a “textbook” bullish pattern, breaking out from a rounding bottom. This pattern has historically preceded major rallies in altcoins.
Historical Comparisons
The OTHERS chart currently resembles the patterns seen during the 2016 and 2021 bull market cycles. The TOTAL3 chart, which excludes Bitcoin, Ethereum, and stablecoins, also exhibited the same pattern before a significant upswing in 2021.
Target Price
Based on the chart, TechDev predicts that OTHERS could rally to $1 trillion during its markup phase. This represents an upside potential of over 243% from its current value of $291.35 billion.
Supporting Indicators
TechDev also points to bearish signals in the Bitcoin dominance and Tether dominance charts. This suggests that traders are shifting their capital towards altcoins.
Catalyst for Surge
TechDev believes that the launch of spot market Ethereum exchange-traded funds (ETFs) could ignite the altcoin surge.
