Altcoin Season Expected Soon as Bitcoin Price Reaches New ATH
Crypto analyst Astronomer predicts an upcoming altcoin season as Bitcoin (BTC) dominance approaches a peak. Currently, BTC's dominance is at 65% following its rally to a new all-time high.
Key Insights
- Astronomer believes BTC dominance will initially roll over slowly before declining rapidly.
- He notes BTC.D has increased for seven consecutive weeks, indicating a prolonged price movement.
- The sentiment is not yet favorable for altcoins; only Bitcoin-related discussions are prominent.
- Astronomer estimates 65% as the top for BTC.D, despite speculation of it reaching 67% or 70%.
- Other analysts, like CrediBULL Crypto, also expect an imminent altcoin season amidst Bitcoin's price surge.
Current Bitcoin Price Analysis
Another analyst, CryptoVerse, suggests that Bitcoin may be forming a top at current price levels, with potential fluctuations between $112,000 and $118,000. He anticipates that the altcoin season may not commence until Q4 of this year, concluding by mid-next year. Short-term movements might occur, but a significant rally is not expected before then.
