A popular crypto strategist is predicting heavy rallies for altcoins as the broader crypto markets show signs of strength.
Analyst Justin Bennett tells his 98,600 Twitter followers that he’s looking at the total valuation of all crypto assets (TOTAL).
According to Bennett, the TOTAL chart has broken out of its diagonal resistance that has kept the market bearish for about four months.
“That’s more like it. TOTAL.”
Based on the analyst’s chart, the breakout could send the valuation of all crypto assets above the $2 trillion level.
As the TOTAL chart breaks out, Bennett highlights that the market cap of all altcoins appears to be bouncing from its diagonal support.
“Probably not the best time to be bearish.
Altcoin market cap linear view… The bottom line is that it makes zero sense to be bearish while markets are above macro support.”
Bennett also highlights that the Bitcoin Dominance index (BTC.D), which tracks the percentage of BTC’s market cap relative to all other crypto assets, has broken down from its diagonal support.
According to Bennett, the move signals the beginning of a fresh altcoin season or a period where altcoins significantly outperform Bitcoin.
“BTC.D (Bitcoin dominance) is starting to break down.
Likely back to 39.5% in the next few weeks.
Enter AltSeason2022.”
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
