An analyst specializing in cryptocurrencies, known for making accurate Bitcoin (BTC) predictions, suggests that altcoins are primed for a significant price increase.
During a recent strategy session, Kevin Svenson shared with his 83,300 YouTube followers that he is closely monitoring the OTHERS chart, which tracks the total market cap of cryptocurrencies excluding the top 10 digital assets and stablecoins.
Many traders use the OTHERS chart as a tool to assess the performance of the altcoin market.
Based on Svenson’s analysis, the OTHERS chart seems to be mirroring its 2024 price movement, where it underwent a correction phase before experiencing a sharp upward trend towards the end of the year.
The analyst predicts that altcoins will witness another significant surge if Bitcoin and another asset class achieve new record highs.
“I’m merely presenting what the chart is revealing. The setup is quite similar.
The substantial increase in the OTHERS chart by 140% previously occurred when both Bitcoin and the S&P 500 reached new all-time highs simultaneously. While Bitcoin has recently achieved a new all-time high, the S&P has not.
Therefore, if both the S&P and Bitcoin break into new all-time highs soon, a movement similar to the one in November to December 2024, reaching $570 billion for OTHERS, the low-cap altcoins, is highly probable, in my opinion, resulting in a major price surge.”
At the time of writing, the OTHERS market cap stands at $233.72 billion.
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