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One closely followed cryptocurrency analyst believes that it is almost time for altcoins to witness the steepest phase of the bull market.
The pseudonymous analyst TechDev tells his 460,100 followers on social media platform
The BTC.D index tracks how much of the total market capitalization of cryptocurrencies belongs to Bitcoin. The bearish BTC.D chart indicates that altcoins are about to outperform Bitcoin.
According to TechDev, BTC.D is an offer Bearish divergence on the five-day chart, indicating that Bitcoin is losing momentum against altcoins.
“The increasingly bearish five-day divergence around Bitcoin’s dominance suggests it is poised for its biggest decline in four years.
Those who are new to this, welcome to the bottom of the second wave of altcoins. They are coming in at all-time high BTC consolidations.
And you hear about, “What if there’s no alternate season?”
Wait until you see the third wave.”
TechDev practices the Elliott Wave Theory, which states that bullish assets tend to experience a five-wave rise, with the first, third, and fifth waves being upward movements and the second and fourth waves being corrective periods. The theory also states that the third wave is the longest wave of the rise.
To support his bullish stance on altcoins, the analyst shares an eight-week chart of the OTHERS Index, which tracks the market cap of all cryptocurrencies except the ten largest digital assets and stablecoins.
According to the TechDev chart, OTHERS appears to be retesting the Exponential Moving Average (EMA) as support, similar to what happened in the early stages of the 2017 and 2020 bull markets.
“Altcoins.
Think it’s over? And so they did.
Looking at the trader’s chart, it appears that the moving average is hovering at $200 billion. At the time of writing, OTHERS is trading at $222.757 billion.
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