Top Crypto Analyst Predicts Altcoin Rally to Precede Bitcoin Price Surge
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As the excitement around digital currencies continues to grow, analysts are suggesting that the altcoin season may be on the horizon. This prediction is based on historical patterns and the current Bitcoin dominance charts, which indicate a possible reversal. The Bitcoin dominance currently stands at its highest level since March 2021, at 54.60%, suggesting that the next altcoin season could be approaching.
Renowned crypto analyst Rekt Capital recently shared an analysis that highlights the resilience of the Altcoin Market Cap amidst Bitcoin’s price fluctuations. Despite the volatility of Bitcoin, the Altcoin Market Cap has consistently remained around the crucial $315 billion support level, as seen in historical patterns.
Meanwhile, the Bitcoin dominance chart has maintained levels above 50% since September 2023 and currently stands at 54.6%. This further supports the possibility of an extended altcoin rally in the near future.
Altcoins are appealing to traders because they offer the chance for higher profits, despite the higher risk involved. Traders closely monitor altcoin markets for signs of a bull market, as altcoins tend to rise after Bitcoin’s price increases.
Analyst Kevin Svenson adds to the bullish sentiment by highlighting the favorable positioning of the altcoin market cap, signaling a potential uptrend. Svenson notes that market focus tends to shift to altcoins after Bitcoin halving events, suggesting potential gains ahead.
However, despite the optimism surrounding altcoins, the overall cryptocurrency market remains relatively subdued, with a total market capitalization of around $2.74 trillion.
Another respected analyst, Crypto Nova, suggests that a decline in Bitcoin dominance often precedes increased altcoin momentum. Signs of a possible reversal are indicated by sideways movement in the dominance chart.
Supporting this view, technical analyst ‘Titan of Crypto’ points to the Ichimoku indicator as a possible trigger for blocking Bitcoin dominance and initiating the alt season.
Despite the optimism, many leading altcoins, including Bitcoin Cash, XRP, Dogecoin, Cardano, Avalanche, Polkadot, and Chainlink, still lag significantly behind their peak prices in 2021. While outliers like Toncoin have reached new highs, the overall cryptocurrency market is waiting for these altcoins to explode.