A popular crypto strategist predicts intense rallies for altcoins as the broader crypto markets show signs of strength.
Analyst Justin Bennett revealed to his 98,600 Twitter followers that he looks at the total value of all crypto assets (TOTAL). According to Bennett, the TOTAL chart has broken the diagonal resistance that has kept the market down for about four months.
“Look, this is good. TOTAL.”
According to the analyst’s chart, the breakout could send the value of all crypto assets above the $2 trillion level. When the TOTAL chart broke, Bennett highlighted that the market cap of all altcoins jumped from the cross support.
“Probably not the best time to fall. Linear view of altcoins market cap… As a result, it seems unreasonable to expect a drop when markets are above macro support.”
Bennett also added that the Bitcoin Dominance index (BTC.D), which tracks the percentage of market capitalization of BTC relative to all other crypto assets, is leaving the crossover support. According to Bennett, this move marks the start of a new altcoin season, in other words, a time when altcoins have significantly outperformed Bitcoin.
“BTC.D (Bitcoin dominance) is starting a downward move. It will likely return to 39.5% in the next few weeks.
Entering the 2022 altcoin season.”
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