Altcoins
Bitcoin Dominance Chart Forms Bearish Wedge Pattern, Altcoin Season Is On The Horizon
Cryptocurrency Analyst Titan of Crypto has highlighted a bearish trend on the Bitcoin dominance chart, suggesting that altcoin season could be on the horizon. The analyst expects these altcoins to make big moves soon after experiencing significant declines for some time.
Bitcoin Dominance Chart Forms Bearish Pattern
Titan of Crypto mentioned in an X (ex Twitter) send that the break on rising wedge on Bitcoin dominance has been confirmed. Therefore, Bitcoin dominance is expected to see a downward slide. The cryptocurrency analyst added that this could be a good time for altcoins to bounce back after weeks of corrections.
A decline in Bitcoin dominance is usually bullish for altcoins. Such a development could usher in the altcoin season when these crypto tokens are known to decouple from the flagship cryptocurrency and outperform it.
Data from Blockchain Center suggests that altcoin season may be on the horizon, as there has been a recent surge in the number of altcoins that have surpassed Bitcoin. Altcoin season is confirmed when 75% of the top 50 coins by market cap have surpassed Bitcoin in the last 90 days.
Cryptocurrency experts love Michael van de Poppe had previously suggested that the launch of Spot Ethereum ETFs could be the catalyst to kick off the altcoin season. These funds are expected to trigger a significant rally for Ethereum (ETH), which could lead to massive moves for other altcoins.
It is known that Ethereum usually pulls other altcoins towards this altcoin, especially because its dominance over Bitcoin starts to rise. Crypto Titan expected that ETH’s dominance over BTC could increase significantly in the coming weeks and months, which he says could lead to an altcoin surge.
Altcoin “Face-Melting” Season Is Coming
Cryptocurrency analyst Lark Davis recently stated that a season of “face-melting” altcoins is coming and that all the crypto community needs to do is be patient. The analyst also mentioned a recent analysis of cryptocurrency analyst Mikybull Crypto. Mikybull Crypto has stated that the short-term macro correction for altcoins is coming to an end. He told the crypto community to prepare for the next markup phase as the altcoin season for this cycle is still in play.
In a recent post XMikybull Crypto has stated 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 range. He added that a bullish divergence it’s happening exactly like in 2020.
While altcoin season may be on the horizon, cryptocurrency analyst Andrew Kang has warned that most altcoins have peaked in this cycle and are likely to hit new highs again. Therefore, cryptocurrency investors may need to be very selective in which altcoins to invest in.
Featured image created with Dall.E, chart from Tradingview.com