A prominent crypto analyst is predicting that altcoins are gearing up to outshine Bitcoin in the near future. TechDev, a well-known trader with a large following on X, is basing his forecast on historical price patterns from previous bull markets in crypto.
TechDev’s analysis suggests that a new altseason is on the horizon, drawing parallels from the 2017 and 2020 crypto bull markets. He points out that in both instances, altcoins began to outperform Bitcoin after three consecutive weekly closes above the previous Bitcoin high.
The analyst is closely monitoring the Bitcoin Dominance (BTC.D) index, which tracks the percentage of the total crypto market cap held by Bitcoin. A declining BTC.D chart indicates that altcoins are poised to take the lead over Bitcoin.
TechDev also highlights the importance of Bitcoin’s price movements, particularly when it touches certain key levels on the charts. For instance, he notes that an altcoin season could be triggered when Bitcoin reaches a specific line on its chart.
In addition, TechDev points out that Bitcoin itself is showing signs of entering a parabolic phase. The Relative Strength Index (RSI) on the two-month chart has crossed above the 70 level, signaling bullish momentum for the leading cryptocurrency.
Drawing comparisons to Bitcoin’s past performance, TechDev suggests that the current market conditions are reminiscent of the 2017 bull market. He observes similarities in Bitcoin’s price movements and technical indicators, indicating a potential rally similar to the one seen in 2017.
At the time of writing, Bitcoin is trading at $98,508, with the market poised for potential shifts in favor of altcoins. TechDev’s analysis provides valuable insights for traders and investors looking to capitalize on the upcoming trends in the crypto market.
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