Pseudonymous Analyst TechDev Predicts Altcoins Will Rally to $1 Trillion During Markup Phase

An analyst known for making macro crypto calls thinks the altcoin market is poised to spark steep rallies similar to the ones witnessed in 2016 and 2021.

A crypto analyst known for his macro calls is sharing his bullish outlook on the altcoin market, predicting that it’s gearing up for rallies like the ones seen in 2016 and 2021.

The pseudonymous analyst, known as TechDev, has told his 451,900 followers on the social media platform X that he’s keeping an eye on the OTHERS chart, which tracks the total market cap of crypto excluding the 10-largest digital assets and stablecoins.

According to TechDev, OTHERS seems to be forming a classic bullish pattern after breaking out from a rounding bottom formation.

“Alts are entering textbook markup.”

A glance at the trader’s chart shows that OTHERS appears to have printed the same exact pattern during the 2016 bull market cycle. The TOTAL3 chart, which tracks the total market cap of crypto excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins, also generated the same pattern in 2021 before surging to the upside.

Based on the chart, TechDev predicts that OTHERS will rally as high as $1 trillion during its markup phase. At the time of writing, OTHERS is valued at $291.35 billion, which means that it could potentially surge by over 243% to hit TechDev’s target.

The analyst also points to other relevant charts that seem to be supporting his bullish stance on altcoins. According to TechDev, both the Bitcoin (BTC) and Tether (USDT) dominance charts are flashing bearish signals.

The BTC.D chart showcases how much of the crypto market cap belongs to BTC, while the USDT.D chart tracks how much of the crypto market cap belongs to USDT. If both charts are indicating a bearish trend, it suggests that traders are shifting their capital to altcoins.

“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 Dec 2020. The next narrative is around the corner.”

TechDev says the narrative that could spark an altcoin surge is the launch of spot market Ethereum exchange-traded funds.

“Cue the next alt narrative right on time. ETH ETF.”