Altcoins
AltSeason does not appear in bounds; Here’s what a popular analyst has to say!
Speculation about BTC price rises has varied in recent days as the crypto star faces pressure from both sides. Bulls show strength for a while, followed by bearish action. These constant fluctuations have kept market participants on the edge and forced them to accumulate during slight downturns and extract profits during more modest recoveries. Furthermore, BTC dominance is creating new highs, suggesting another season could follow. However, this time around it could be slightly diversified, as one popular analyst indicates.
One of the most popular analysts, Benjamin Cowen, has been tracking the recent price movements and comparing them to the previous one. With this, the analyst affirms that the markets are not let out strong signals for another season. Therefore, Bitcoin could continue to dominate the markets for a long time.
The historical BTC dominance chart displays a diversified trend compared to previous alt seasons in 2017-2018 and 2021. Dominance dropped sharply during past instances, which triggered a strong alt season. However, this time the dominance increases, forming constant ups and downs, suggesting the increasing dominance of the bulls. Therefore, analysts believe that this is not an “AltSeason”. He says,
“Alt season is the time when BTC dominance collapses, as people take profits from BTC and invest them in altcoins.
An uptrend of BTC macro dominance, which we have been in, suggests that this is not another season, nor has it been. This chart shows that the last alternate season we had was in 2021.”
Previously, the analyst highlighted the possibility that the second largest token, Ethereum, marking new lows. This confirms the bearish claim for ETH price, which could further differ from AltSeason until it strengthens. To add more support to the bearish claim, the analyst also shares Advance/Decline indicatoror A/D line, which forms new lows.
The A/D line is used to identify potential buying or selling opportunities by analyzing the number of cryptos that are gaining or decreasing in value. The A/D line is hitting new lows at a time when altcoin prices are soaring. This suggests that cryptos are losing value despite the overall uptrend.
Collectively, the AltSeason does not appear to be at the limit and therefore markets may remain consolidated or maintain upward consolidation until the price of Ethereum (ETH) gains some momentum.