.jpg)
An analyst who continues to build a following through timely crypto market calls believes the stage is set for altcoins to see a major bull run.
The anonymous TechDev analyst tells his 461,900 followers on social media platform X that he is looking at the two-week chart of OTHERS, which tracks the market cap of all cryptocurrencies except the top 10 digital assets and stablecoins.
According to the analyst, OTHERS appears to be reversing its settings in 2017 before the altcoin market experienced a massive rally.
“Accumulation -> Tags -> Expansion…
I haven’t seen any bearish idea pass a backtest for the beginning of 2017. Every idea is just a guess. I suggest not stating it as a fact without a quick left-swipe backtest.
Looking at the trader’s chart, it seems to indicate that others are preparing for an expansion phase similar to what happened about seven years ago after respecting the 0.382 Fibonacci level. The chart also indicates that the Relative Strength Index (RSI) momentum indicator is about to make a bullish bottom at its diagonal support.
To support his bullish stance on altcoins, TechDev looks to the Bitcoin Dominance Index (BTC.D), which tracks how much of the total market cap of cryptocurrencies it owns. BitcoinThe analyst shares a chart that suggests BTC.D is about to enter a downtrend as it shows a bearish divergence, indicating that Bitcoin is losing momentum against altcoins.
The bearish BTC.D indicates that altcoins are about to outperform Bitcoin.
TechDev says,
Cryptocurrency market in two charts.
Bitcoin (BTC) price continues to consolidate at its all-time high.
“With a huge alternative season on the horizon.”
Don’t miss a moment Participate To get email alerts delivered directly to your inbox
Checks Price movement
Follow us X, Facebook And cable
browse Hoddle’s Daily Mix
 
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should conduct their own due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades 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 any cryptocurrency or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl engages in affiliate marketing.
Featured image: Shutterstock / Voger Design / Sensvector
