Major Altcoin Boom Could Be Closer Than we Think, Predicts Crypto Analyst

A popular crypto expert predicts that altcoins could soon take the spotlight away from Bitcoin (BTC).

ТechDev suggests that historical patterns in the market hint at an imminent “altseason,” a period when altcoins outperform Bitcoin.

When #altseason?

Not sure.

But the last 2 started after 3 consecutive weekly closes over the last #Bitcoin weekly high… pic.twitter.com/jpsbNZrb3b

— TechDev (@TechDev_52) November 20, 2024

The analyst points to trends observed during the 2017 and 2020 bull runs. He highlights that past altseasons began after Bitcoin achieved three consecutive weekly closes above its previous cycle high. According to his analysis, Bitcoin’s dominance (BTC.D), which measures its share of the total crypto market cap, tends to drop sharply during these periods, paving the way for altcoin surges.

Another #altseason trigger?

When #Bitcoin touches this line… pic.twitter.com/ueGxJn4LoK

— TechDev (@TechDev_52) November 22, 2024

He also notes another potential trigger for altseason: Bitcoin touching specific resistance levels. His charts suggest that altcoins might gain momentum as BTC recently reached the upper band of its Bollinger Bands (BB), a tool used to identify volatility and price extremes. Historically, this has often marked a turning point where altcoins begin to rally.

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For Bitcoin itself, TechDev believes it has entered a bullish phase, pointing to the Relative Strength Index (RSI) on its two-month chart, which has climbed above 70—a signal of strong upward momentum. He compares the current market dynamics to Bitcoin’s 2017 bull run, where similar patterns in the M1 money supply chart coincided with parabolic price action.

Alexander Zdravkov