A crypto analyst gaining traction with timely market predictions foresees a significant upswing for altcoins in the near future.

Known by the pseudonym TechDev, the analyst shares insights with his sizable following of 461,900 on the X platform. He points to the TWO-WEEK chart of OTHERS, a metric excluding the top 10 cryptocurrencies and stablecoins, suggesting parallels with its setup in 2017 prior to a parabolic surge in the altcoin market.

“Accumulation –> Markup –> Expansion…
Not a single bearish idea I’ve seen holds up to a start-of-2017 backtest. Each is mere conjecture. I recommend refraining from presenting them as certainties without first backtesting by quickly scrolling left.”

Source:
TechDev/X

Examining his chart, TechDev implies that OTHERS appears poised for a growth phase reminiscent of the movement seen approximately seven years ago, following a notable bounce from the 0.382 Fibonacci level. The chart further suggests that the relative strength index (RSI) is nearing a bullish reversal at its diagonal support.

To bolster his optimistic outlook on altcoins, TechDev references the Bitcoin dominance index (BTC.D), which measures BTC’s share of the total crypto market cap. Presenting a chart, he indicates a potential downtrend for BTC.D with a bearish divergence, signaling Bitcoin’s waning strength compared to altcoins.

A declining BTC.D typically suggests that altcoins are primed to outperform Bitcoin. TechDev asserts,
“The crypto market in two charts.
BTC is consolidating bullishly around its previous all-time high.
As a substantial altseason looms.”

Source:
TechDev/X

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