An expert in the crypto field believes that altcoins are on the verge of experiencing the most significant surge in the bull market. TechDev, a well-known analyst with a large following on X social media platform, has pointed out that the Bitcoin dominance (BTC.D) chart is indicating a major bearish reversal signal. This chart tracks the proportion of the total crypto market cap that belongs to Bitcoin. A bearish BTC.D chart suggests that altcoins are poised to outperform Bitcoin.

TechDev has observed a bearish divergence on the five-day BTC.D chart, which indicates that Bitcoin is losing momentum against altcoins. He predicts that this could lead to the largest decline in Bitcoin dominance in four years. He addresses newcomers to the altcoin market, welcoming them to the second wave of altcoins while hinting at the potential for a third wave.

TechDev is a proponent of the Elliott Wave theory, which suggests that a bullish asset tends to go through a five-wave surge, with waves one, three, and five being upward moves and waves two and four being corrective periods. The theory also states that wave three is typically the longest wave of the rally.

To support his optimistic outlook on altcoins, TechDev shares an eight-week chart of the OTHERS index, which tracks the market capitalization of all cryptocurrencies excluding the top ten digital assets and stablecoins. According to his chart, OTHERS is currently retesting its exponential moving average (EMA) as support, similar to what occurred during the early stages of the 2017 and 2020 bull markets.

TechDev concludes his analysis by suggesting that altcoins should not be underestimated and that there is still potential for significant growth. He emphasizes that the current situation bears resemblance to previous market cycles, indicating that history could repeat itself.

It is important to note that the opinions expressed by TechDev are not investment advice. Investors should conduct their own research and exercise caution before making any high-risk investments in Bitcoin or altcoins. The Daily Hodl, where this article was sourced from, does not endorse the buying or selling of cryptocurrencies or digital assets and is not a financial advisor.