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Is Altcoin Season Finally Here? Bitcoin Dominance Faces Critical Test
The cryptocurrency market is abuzz with the notion of an impending altcoin season. As Bitcoin dominance faces a critical test around 58-65%, it seems like the perfect opportunity for altcoins to capitalize on their underperformance and stage a comeback.
Recent market data has sparked controversy over whether we’re witnessing the start of this highly anticipated phenomenon. Analysts are divided, with some predicting an imminent crash in Bitcoin dominance and others dismissing the notion altogether.
However, recent developments suggest that the probability of an altcoin season is higher than ever before. The total altcoin market capitalization chart reveals a symmetrical triangle formation that has been building since late 2021. This pattern historically precedes altcoin rallies.
Additionally, bullish divergences on RSI and MACD indicators signal potential momentum reversal for altcoins. Meanwhile, Ethereum’s relative strength to Bitcoin could be indicative of the start of an altcoin rally, as this often signals the beginning of a broader crypto upswing.
Not everyone is convinced, though. CoreCrypto has made a bold prediction, suggesting that if Bitcoin dominance breaks the critical resistance level at 58-65%, it could lead to a devastating 36.91% decline in dominance, resulting in a drastic shift towards altcoins.
Source: coincentral.com
