Titan of Crypto Cryptocurrency Analyst highlighted a bearish pattern on the Bitcoin dominance chart, suggesting that altcoin season could be on the horizon. The analyst expects these altcoins to make huge moves soon after experiencing significant declines for some time now.
Bitcoin Dominance Chart Forms Bearish Pattern
Titan of Crypto mentioned in X (formerly Twitter) fasting that the explosion on growing wedge Bitcoin’s dominance has been confirmed. As such, Bitcoin’s dominance is expected to move lower. The cryptocurrency analyst added that this could be a good time for altcoins to recover after weeks of corrections.
A decline in Bitcoin dominance is usually bullish for altcoins. Such a development could trigger altcoin season when it is known that these crypto tokens will separate themselves from the main cryptocurrency and outperform it in terms of performance.
Data from Blockchain Center suggests that altcoin season may be on the horizon, as there has been a recent surge in altcoins outperforming Bitcoin. Altcoin season is confirmed when 75% of the top 50 coins by market cap have outperformed Bitcoin in the past 90 days.
Cryptocurrency experts such as Michael van de Poppe previously suggested that the launch of the Spot Ethereum ETF could be a catalyst for the start of the altcoin season. These funds are expected to spark a significant rally for Ethereum (ETH), which could lead to massive moves for other altcoins.
It is known that Ethereum usually leads other altcoins to this altcoin, especially since its dominance over Bitcoin starts to grow. Titan Crypto Planned that ETH’s dominance over BTC could enhance significantly in the coming weeks and months, which he believes could lead to a pointed enhance in the value of altcoins.
The season of “face-melting” altcoins is coming
Cryptocurrency Analyst Lark Davis recently claimed that the season of “face-melting” altcoins is approaching and that all the crypto community needs to do is be patient. The analyst also referred to a recent analysis cryptanalyst Mikybull Crypto. Mikybull Crypto stated that the short-term macro correction of altcoins is coming to an end. He told the cryptocurrency community to prepare for the upcoming markup phase as the altcoin season for this cycle is still in the game.
In the recent Posts XMikybull Crypto stated that the altcoin season of this cycle will be “great.” He made this statement while revealing that the ETH/BTC pair is preparing to exit the 3-year Wyckoff reaccumulation range. He added that bullish divergence is currently the same as 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 will likely record modern highs again. As such, cryptocurrency investors may need to be very selective about which altcoins they invest in.
Featured image created with Dall.E, chart from Tradingview.com
