The Altcoin Market is Expected to Experience Significant Growth in 2021
An analyst who is recognized for his accurate macro crypto predictions believes that the altcoin market is on the brink of significant rallies that are reminiscent of the explosive growth seen in both 2016 and 2021.
Monitoring Altcoin Market Cap with TechDev
Under the pseudonym TechDev, this analyst with a substantial following of 451,900 on the social media platform X is closely observing the OTHERS chart. This chart tracks the total market cap of cryptocurrencies, excluding the ten largest digital assets and stablecoins.
- TechDev identifies a textbook bullish formation after the breakout from a rounding bottom pattern on the OTHERS chart.
- Altcoins are showing signs of entering a textbook markup phase, according to TechDev.
Comparing Historical Patterns
Upon analyzing the chart data, it is evident that the OTHERS chart is displaying a pattern similar to the one witnessed during the 2016 bull market cycle. In a parallel development, the TOTAL3 chart, which excludes Bitcoin (BTC), Ethereum (ETH), and stablecoins from the total market cap, also exhibited a similar pattern in 2021 before experiencing a significant upward surge.
- TechDev predicts that during its markup phase, OTHERS could rally to as high as $1 trillion, indicating a potential upside of over 243% from its current position of $291.35 billion.
Supporting Bullish Altcoin Sentiment
To reinforce his optimistic outlook on altcoins, TechDev is also examining relevant charts, such as the Bitcoin dominance (BTC.D) and Tether dominance (USDT.D) charts. These charts are signaling a bearish trend, potentially indicating a capital shift towards altcoins.
- TechDev notes that both BTC.D and USDT.D charts are displaying bearish signals, suggesting a likelihood of capital migration to altcoins.
Anticipating Altcoin Surge Triggers
Addressing the potential catalysts for an altcoin surge, TechDev emphasizes the anticipation surrounding the introduction of spot market Ethereum exchange-traded funds (ETFs).
- Speculation on the launch of Ethereum ETFs could be the next narrative to drive a surge in altcoin market activity, according to TechDev.
Hot Take: Altseason in Full Swing
The altcoin market is aligning itself for a significant surge reminiscent of the explosive growth witnessed in previous bull market cycles, with TechDev making bold predictions for the future market developments.
Image credits: Shutterstock/Vanessa SG/Natalia Siiatovskaia
Sources:
Original Article: The Daily Hodl
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