A well-known analyst, who has a reputation for accurately predicting market trends in the cryptocurrency sector, believes that the altcoin market is on the cusp of experiencing significant rallies, similar to those observed in 2016 and 2021.

Operating under the pseudonym TechDev, this analyst has shared his insights with his vast following of 451,900 users on the social media platform X. TechDev has turned his attention to the OTHERS chart, which monitors the overall market capitalization of cryptocurrencies excluding the top 10 digital assets and stablecoins.

According to TechDev, the OTHERS chart is currently displaying a classic bullish formation, following a breakout from a rounding bottom pattern. In his own words, “Alts are entering textbook markup.” This statement is supported by a visual representation of the chart.

Upon closer examination of the chart, it becomes evident that the OTHERS pattern closely resembles the one witnessed during the bull market cycle of 2016. Furthermore, the TOTAL3 chart, which tracks the total market capitalization of cryptocurrencies excluding Bitcoin (BTC), Ethereum (ETH), and stablecoins, displayed a similar pattern in 2021 before experiencing a substantial surge in value.

Based on his analysis of the chart, TechDev predicts that during the markup phase, the OTHERS chart will rally to reach a staggering $1 trillion. At the time of writing, the current value of OTHERS stands at $291.35 billion, indicating a potential increase of over 243% if TechDev’s prediction comes to fruition.

TechDev’s bullish outlook on altcoins is further supported by his analysis of other relevant charts. He points out that both the Bitcoin dominance (BTC.D) and Tether dominance (USDT.D) charts are signaling bearish indicators. Bitcoin dominance measures the proportion of the total crypto market capitalization that belongs to BTC, while Tether dominance measures the proportion belonging to USDT. If both of these charts are bearish, it suggests that investors are reallocating their funds from Bitcoin to altcoins.

According to TechDev, “Bitcoin dominance is breaking down from a massive distribution. Tether dominance is marking down in the acceleration phase of its distribution. Alts haven’t expanded from this level of macro compression since December 2020. The next narrative is around the corner.” He believes that the upcoming launch of spot market Ethereum exchange-traded funds could be the catalyst for a surge in altcoin prices.

In conclusion, TechDev’s analysis and predictions indicate that the altcoin market is primed for significant growth. However, investors should exercise caution and conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl, where this information was sourced from, does not provide investment advice and recommends that individuals carefully consider the potential risks and losses associated with these investments.