Altcoins 'Entering Textbook Markup' As Crypto Analyst Predicts Major Rally

An analyst known for macro crypto predictions believes the altcoin market is set for significant rallies, similar to those in 2016 and 2021.

What Happened: Pseudonymous analyst TechDev shared with his 451,900 followers on X that he is monitoring the OTHERS chart. This chart tracks the total market cap of crypto, excluding the 10-largest digital assets and stablecoins, Daily Hodl reported on Sunday.

The crypto strategist noted that OTHERS appears to be in a “textbook” bullish formation after breaking out from a rounding bottom pattern.

He stated, “Alts are entering textbook markup.”

TechDev’s chart indicates that OTHERS has printed a pattern similar to the 2016 bull market cycle. The TOTAL3 chart, which excludes Bitcoin BTC/USD, Ethereum ETH/USD, and stablecoins, showed the same pattern in 2021 before a significant rally.

Based on his analysis, TechDev predicts that OTHERS could rally to $1 trillion during its markup phase. Currently, OTHERS is valued at $291.35 billion, indicating a potential upside of over 243% if his target is reached.

TechDev is also examining other charts to support his bullish stance on altcoins. He noted that both the Bitcoin dominance and Tether dominance charts are showing bearish signals, suggesting traders are shifting capital to altcoins.

See Also: Elon Musk Mourns Death Of Iconic Shiba Inu That Inspired His Favorite Crypto Dogecoin: Here’s How Crypto

Why It Matters: The potential for a major rally in altcoins is significant, especially considering recent market trends. Dogecoin DOGE/USD and other altcoins could see a surge if Bitcoin reaches a new all-time high. This aligns with TechDev’s analysis that traders are moving capital from Bitcoin to altcoins.

Moreover, another report noted a top trader’s shift from Bitcoin to altcoins, including Shiba Inu, indicating a growing interest in the altcoin market.

Read Next: Bitcoin, Dogecoin Bounce Back With Ethereum Lagging: Trader Sees ‘Price Discovery Next Week’ Under One Condition

Image via Shutterstock

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari

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