A well-known crypto analyst who is known for his accurate predictions believes that the altcoin market is on the verge of experiencing significant price surges, similar to those witnessed in 2016 and 2021.

The pseudonymous analyst, TechDev, has shared his insights with his 451,900 followers on the social media platform X, stating that he is closely monitoring the OTHERS chart. This chart tracks the total market capitalization of cryptocurrencies, excluding the top 10 digital assets and stablecoins.

According to TechDev, the OTHERS chart is displaying a classic bullish formation after breaking out from a rounding bottom pattern. In his own words, “Alts are entering textbook markup.” This suggests that altcoins are entering a phase of rapid price appreciation.

Upon examining the chart provided by the trader, it is evident that the OTHERS chart is showing a pattern that is strikingly similar to the one observed during the bull market cycle of 2016. Additionally, the TOTAL3 chart, which tracks the total market capitalization of cryptocurrencies excluding Bitcoin (BTC), Ethereum (ETH), and stablecoins, also exhibited a similar pattern in 2021 before experiencing a significant upward surge.

Based on his analysis, TechDev predicts that the OTHERS chart could rally to a staggering $1 trillion during its markup phase. At the time of writing, the market capitalization of OTHERS stands at $291.35 billion, indicating a potential upside of over 243% if TechDev’s target is reached.

To further support his optimistic outlook on altcoins, the analyst is also examining other relevant charts. TechDev highlights that both the Bitcoin dominance (BTC.D) and Tether dominance (USDT.D) charts are signaling bearish indications.

Bitcoin dominance measures the proportion of the total crypto market capitalization that belongs to BTC, while Tether dominance measures the proportion of the market capitalization that belongs to USDT. If both charts are bearish, it suggests that traders are diverting their investments from Bitcoin to altcoins.

TechDev emphasizes that Bitcoin dominance is breaking down from a significant distribution, while Tether dominance is declining in the acceleration phase of its distribution. He notes that altcoins have not experienced such a level of compression since December 2020, indicating that a new altcoin narrative is on the horizon.

According to TechDev, the launch of spot market Ethereum exchange-traded funds (ETFs) could potentially ignite the next wave of altcoin surges. He states, “Cue the next alt narrative right on time. ETH ETF.”

In conclusion, TechDev’s analysis suggests that the altcoin market is primed for significant price rallies. However, it is essential for investors to conduct their own research and exercise caution before making any high-risk investments in cryptocurrencies or digital assets.