Altcoins
Bitcoin Dominance Chart Forms Bearish Wedge Pattern, Altcoin Season on the Horizon
Crypto Analyst Titan of Crypto highlighted a bearish trend on Bitcoin’s dominance chart, suggesting that altcoin season could be on the horizon. The analyst expects these altcoins to make massive moves fairly quickly, after experiencing significant declines for some time now.
Bitcoin Dominance Chart Forms Bearish Pattern
Titan of Crypto Mentioned in an X (formerly Twitter) job that the escape on the rising corner Bitcoin dominance has been confirmed. Therefore, Bitcoin dominance is expected to see a decline. The crypto analyst added that this could be a good time for altcoins to recover after weeks of corrections.
A decline in Bitcoin dominance is generally favorable for altcoins. Such a development could pave the way for the altcoin season when these crypto tokens are known to decouple from and outperform the flagship crypto.
Data A study by the Blockchain Center suggests that altcoin season could be on the horizon, as there has recently been a surge in the number of altcoins outperforming Bitcoin. Altcoin season is confirmed when 75% of the top 50 cryptocurrencies by market cap have outperformed Bitcoin in the last 90 days.
Crypto experts love Michael van de Poppe had previously suggested that the launch of Ethereum Spot ETFs could be the catalyst to kick off altcoin season. These funds are expected to trigger a significant surge in Ethereum (ETH), which could lead to massive moves for other altcoins.
Ethereum is known to generally drive other altcoins towards this altcoin, especially like its dominance over Bitcoin begins to rise. Crypto titan predicted that ETH’s dominance over BTC could increase significantly in the coming weeks and months, which he believes could lead altcoins to skyrocket.
The “face-melting” altcoin season is coming
Crypto Analyst Lark Davis recently claimed that a “face-melting” altcoin season is on the way and all the crypto community needs to do is be patient. The analyst also alluded to a recent analysis by crypto analyst Mikybull CryptoMikybull Crypto said that the short-term macro correction for altcoins is about to end. He told the crypto community to prepare for the next phase of markup as the altcoin season for this cycle is still in play.
In a recent X postMikybull Crypto has said that this cycle’s altcoin season will be “glorious.” He made this statement while revealing that the ETH/BTC pair is preparing to leave its 3-year Wyckoff reaccumulation zone. He added that a bullish divergence is currently taking place as in 2020.
With altcoin season possibly on the horizon, crypto analyst Andrew Kang has warned Most altcoins have peaked during this cycle and are likely to re-establish new highs, so crypto investors will need to be very selective in choosing which altcoins they invest in.
Featured image created with Dall.E, chart by Tradingview.com