An analyst who is gaining popularity for making accurate predictions in the cryptocurrency market believes that altcoins are on the verge of a significant upswing.

TechDev, a pseudonymous analyst with a following of 461,900 on the social media platform X, points to the TWO chart, which tracks the market capitalization of all cryptocurrencies except the top 10 and stablecoins. He notes that the chart’s setup resembles the conditions in 2017 just before the altcoin market experienced a parabolic surge.

According to TechDev, the chart for TWO indicates that it is primed for an expansion phase, similar to what occurred seven years ago after it respected the 0.382 Fibonacci level. Additionally, the relative strength index (RSI) momentum indicator is poised to indicate a bullish higher low at its diagonal support.

To further support his optimistic view on altcoins, TechDev examines the Bitcoin dominance (BTC.D) index, which measures the percentage of the total cryptocurrency market cap that belongs to Bitcoin. He shares a chart that suggests BTC.D is showing signs of a bearish divergence, indicating that Bitcoin is losing momentum against altcoins.

TechDev explains, “The crypto market in two charts. BTC is bullishly consolidating at its prior all-time high. As a massive altseason is on the horizon.”

In summary, a bearish BTC.D implies that altcoins are about to outperform Bitcoin.

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