Altcoin Season May Be Near as Bitcoin Dominance Hits Rejection Zone
Analyst El Crypto indicates a potential altcoin season as Bitcoin's dominance approaches a major resistance zone. Key points include:
- Bitcoin’s dominance has repeatedly faced rejection at this level over the past 18 months.
- The Stochastic Relative Strength Index (RSI) is in the overbought territory, indicating possible upcoming changes.
- CryptoElites supports the view that Bitcoin's dominance has peaked, suggesting an imminent altcoin rally.
- A critical trend point for stablecoins' dominance could signal the official start of the altcoin season.
- Kevin Capital also provides a bullish perspective, correlating global liquidity with Dogecoin price movements.
Currently, Bitcoin continues to outperform most altcoins, with only seven out of the top 50 coins surpassing it in performance over the last 90 days. For an altcoin season to commence, 75% of these coins must outperform Bitcoin, which remains unlikely given recent declines.
As of now, Bitcoin trades around $80,900, reflecting a decrease of over 1% in the last 24 hours.
