As an experienced crypto analyst, I’ve seen my fair share of market trends and patterns. The recent development in Bitcoin’s dominance chart has caught my attention, and I believe we might be on the brink of an altcoin season.
Expert’s Insight: The renowned cryptocurrency analyst, known as Titan of Crypto, has identified a bearish trend in Bitcoin‘s chart of market dominance. This indication could signal the beginning of altcoin season, during which lesser-known digital currencies may experience substantial price increases. After experiencing prolonged downturns, these altcoins are anticipated to make significant gains soon.
Bitcoin Dominance Chart Forms Bearish Pattern
In my analysis as a crypto expert, I noted in a recent post on X (previously Twitter) that Titan of Crypto announced the confirmation of the breakout on Bitcoin’s rising wedge pattern regarding its dominance over the market. Consequently, I anticipate a decrease in Bitcoin’s dominance, making it an opportune moment for altcoins to potentially regain ground after weeks of corrections.
A decrease in Bitcoin’s market influence often signals good news for alternative cryptocurrencies. This shift might mark the beginning of the altcoin rally, during which these digital assets tend to separate from Bitcoin’s price trend and surge ahead.
Based on information from the Blockchain Center, it appears that the altcoin market could be gearing up for a resurgence, as there has been a noteworthy uptick in the number of altcoins surpassing Bitcoin’s performance recently. The designation of an “altcoin season” is affirmed when 75% of the current top 50 cryptocurrencies by market capitalization have surpassed Bitcoin’s gains over the preceding 90-day period.
According to cryptocurrency experts like Michaël van de Poppe, the introduction of Spot Ethereum Exchange-Traded Funds (ETFs) could serve as the trigger for an altcoin market surge. These ETFs are anticipated to cause a substantial price increase for Ethereum (ETH), potentially igniting sizeable gains for various other altcoins.
Ethereum often sets the pace for other alternative cryptocurrencies to follow, particularly when its influence over Bitcoin starts growing. According to Titan of Crypto’s forecast, Ethereum’s dominance relative to Bitcoin could see a substantial rise in the near future, potentially triggering a surge among altcoins.
“Face-Melting” Altcoin Season Is On The Way
As a researcher studying the cryptocurrency market, I’ve come across some intriguing insights from two prominent analysts in our community – Lark Davis and Mikybull Crypto. According to Lark Davis, we’re on the brink of an extraordinary altcoin season, and all we need is a bit more patience. He referenced an analysis by Mikybull Crypto, who believes that the current short-term correction for altcoins will soon come to an end. In preparation for this shift, Mikybull advises the community to gear up for the upcoming price surge as the altcoin cycle’s markup phase remains active.
In a recent post on X, Mikybull Crypto expressed his belief that the ongoing altcoin market cycle will be exceptional. This optimistic view came after he pointed out that the Ethereum-Bitcoin (ETH/BTC) pair is about to break free from its 3-year price range set by the Wyckoff re-accumulation theory. Furthermore, Mikybull noted that a bullish divergence is taking place, similar to what occurred in 2020.
During the anticipated altcoin rally, crypto expert Andrew Kang cautions that many altcoins may have already peaked during this market cycle and could potentially reach even higher price points once again. Consequently, potential investors in cryptocurrencies should carefully consider their choices when it comes to selecting altcoins for investment.
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2024-07-13 05:12