A crypto analyst with a history of timely Bitcoin (BTC) calls believes that altcoins are gearing up for a price spike.
In a new strategy session, Kevin Svenson tells his 83,300 YouTube subscribers that he’s keeping a close watch on the OTHERS chart, which tracks the total market cap of crypto, excluding the top 10 digital assets and stablecoins.
Traders keep an eye on the OTHERS chart to gauge the performance of the altcoin market.
According to the crypto strategist, OTHERS appears to be following its 2024 price action, when it went through a corrective period before sparking a parabolic surge toward the end of the year.
Svenson predicts that altcoins will stage another explosive rally if Bitcoin and another asset class soar to new record highs.
“I’m just showing what’s showing up on the chart. The setup is nearly the same.
And this huge run-up when the OTHERS chart went up 140% last time… this happened because Bitcoin and the S&P [500] both broke into a new all-time high at the same time. We saw Bitcoin break a new all-time high recently, but the S&P did not.
So if we both get the S&P and Bitcoin to break out to a new all-time high soon, a move like this [November to December 2024] up to $570 billion for OTHERS, the low-cap altcoins, are very likely, in my opinion, that we’re going to get a major pump.”
At time of writing, OTHERS is trading at $233.72 billion.
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Featured Image: Shutterstock/Redshinestudio/Sensvector
