A crypto analyst known as cryptododo7 has noticed important trends regarding Bitcoin dominance, which may indicate a potential altseason in the Market. They shared insights suggesting that Bitcoin dominance has recently broken out of a bullish pattern, hinting at a climb toward 67.51%. While this could signal a major surge, the analyst warns it might not lead to a broader Market rally, as Bitcoin and altcoin prices could actually decline. Additionally, the Weekly MACD indicator shows a possible bullish shift in the altcoin Market, signaling emerging opportunities for altcoins amidst the current Market conditions. As of now, the total crypto Market cap stands at $2.76 trillion, with Bitcoin representing a significant portion.
Amidst ongoing shifts in the cryptocurrency landscape, famed analyst cryptododo7 has drawn attention to some intriguing developments concerning Bitcoin dominance that could impact the Market significantly.
Bitcoin Dominance Climbs: Possible Altseason Ahead
On March 21, cryptododo7 shared insights on X, suggesting that Bitcoin’s dominance is on the verge of a significant upward trend. This prediction is based on a bullish pennant formation appearing at the 61.25% level on Bitcoin dominance charts. Generally, a bullish pennant forms after a robust price surge, followed by a phase of consolidation where prices establish higher lows and lower highs, creating a symmetrical triangle shape.
With the latest breakout and retest confirming the bullish pennant, Bitcoin dominance is projected to potentially reach 67.51%. However, the analyst warns that this surge might not lead to an overall Market rally, as it may occur alongside declining prices for both Bitcoin and other altcoins.
According to cryptododo7, this top of 67.51% could represent the pinnacle of Bitcoin dominance during the current bear Market, hinting at a forthcoming altseason. This phase typically features altcoins outperforming Bitcoin as indicated by a drop in Bitcoin dominance.
While some analysts remain skeptical about the possibility of an altseason due to the increasing number of altcoins, others, including cryptododo7, foresee a strong Market move. The anticipation is that altcoins could attract as much as $627 billion during this potential altseason.
MACD Indicator Suggests a Bullish Shift
In another notable development, MoreCryptoOnline highlights that the Weekly MACD (Moving Average Convergence Divergence) for the total crypto Market, excluding the top 10 coins, is showing an upward curl. This trend indicates a possible bullish shift in the altcoin Market. The MACD is a popular tool among traders for identifying potential trend reversals, and this early signal might indicate that the altseason is taking shape.
As it stands, the total cryptocurrency Market capitalization has reached $2.76 trillion, with Bitcoin accounting for about $1.67 trillion. Meanwhile, the Altseason Index currently sits at 21, suggesting that a major altcoin boom may still be some time away.
In summary, as Bitcoin dominance rises, the crypto community watches closely for indications of altseason. While predictions vary, the potential for significant capital inflows into altcoins is making headlines and capturing investor interest.
Tags: Bitcoin Dominance, Altseason, Crypto Market, Analysis, Cryptododo7, MACD Indicator
What is Bitcoin dominance?
Bitcoin dominance refers to the percentage of the total cryptocurrency Market cap that is made up of Bitcoin. It shows how much Bitcoin’s value compares to other cryptocurrencies.
Why is Bitcoin dominance important?
Bitcoin dominance is important because it helps investors understand the overall Market trends. When Bitcoin’s dominance is high, it often means Bitcoin is performing better than other cryptocurrencies.
What does it mean if Bitcoin dominance peaks at 68%?
If Bitcoin dominance peaks at 68%, it means that Bitcoin is taking up a larger share of the Market. This could signal that Bitcoin is leading the Market and may influence the prices of altcoins.
What is an altcoin season?
An altcoin season is a period when altcoins, or cryptocurrencies other than Bitcoin, perform well compared to Bitcoin. During this time, investors may find more opportunities in altcoins.
Should I invest in altcoins during an altcoin season?
Investing in altcoins during an altcoin season can be profitable but comes with risks. It’s important to do your research and understand the specific altcoin before investing.