Altcoins To See Price Ralliles As Crypto Markets Target $2 Trillion Valuation

The crypto market looks great today as well and the most important coins out there are trading in the green. At the moment of writing this article, BTC is trading in the green as well and the king coin is priced at $41,856.

It’s been just revealed that a popular crypto strategist predicted that we can expect heavy rallies for altcoins as the broader crypto markets show signs of strength.

Analyst Justin Bennett just said on Twitter that he’s looking at the total valuation of all crypto assets (TOTAL).

According to Bennett, the TOTAL chart managed to break out of its diagonal resistance which has kept the market bearish for about four months.

“That’s more like it. TOTAL.”

As the online publication the Daily Hodl notes, 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 also made sure to say that the market cap of all altcoins appears to be bouncing from its diagonal support.

“Probably not the best time to be bearish.”

He continued and said the following:

“Altcoin market cap linear view… The bottom line is that it makes zero sense to be bearish while markets are above macro support.”

He also predicted 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.

He explained the fact that 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.”

Despite the market volatility, there are all kinds of optimistic predictions about the price of Bitcoin these days. Stay tuned for more news.