Analysts are famous for making future predictions based on historical data, and they are sometimes right. Of course, the repetition of past events in crypto is not mandatory. However, technical analysis focuses on the possibility that recurring patterns in the past may repeat in the future due to investor psychology. Therefore, we might need to consider this analyst’s opinion.
Crypto Analyst Commentary
Market predictions by commentators should not chart a course for investors. However, the views of these analysts can offer different perspectives to predict what might happen next. This allows for more consistent price predictions. The famous analyst TechDev, known for announcing major price movements in advance and sometimes being wrong, focused on altcoins.
When we exclude the top 10 cryptocurrencies and stablecoins, the total market value of the remaining altcoins is known as OTHERS. Looking at the investor’s chart, it is seen that OTHERS forms the same pattern observed during the 2016 bull market cycle.
TechDev, saying that altcoins are “starting to rise according to the textbook,” also draws attention to the TOTAL3 chart, quoting from 2021.
Altcoin Analyst Target
According to TechDev’s prediction, OTHERS is expected to surpass the record threshold of 1 trillion dollars during the rise phase. At the time of writing, the total value of the remaining altcoins, excluding BTC and the top 10 cryptocurrencies (+stablecoins), is 291 billion dollars. This means an increase of more than 243%.
The analyst’s assessment was not limited to these. The expert also pointed out the Bitcoin dominance (BTC.D) and Tether dominance (USDT.D) charts, indicating that there will be a relaxation in these. If BTC and USDT dominance weakens, capital will flow into altcoins, and the expected altcoin rally period will begin. However, this capital flow needs to continue steadily for a while.
“Bitcoin dominance shows a significant decline. Tether dominance is marked downwards in the acceleration phase of its distribution. Since December 2020, altcoins have not expanded from this macro compression level. The next narrative is around the corner. Mark the next sub-narrative just in time. ETH ETF.”
According to the analyst, the expected scenario for altcoins will begin with the ETF launch.
