Bitcoin Dominance Must Drop to 62% for Altcoin Season to Begin
Bitcoin's market dominance is currently at 64%, hindering the potential for an altcoin season. Historically, a decline in Bitcoin's dominance is necessary for altcoins to initiate independent price increases.
Key Points on Bitcoin Dominance
- Current Bitcoin dominance remains high at 64%
- This level negatively impacts altcoin prices
- A 7-wave crashing pattern indicates a potential drop in dominance
- Analysts predict Bitcoin dominance could fall to 62%
- Last observed low was on May 14, which coincided with a rally in altcoins
- Confirmation of trend reversal requires Bitcoin dominance to drop below 63.45%
- Real momentum for altcoins begins under 62%
Prospects for Altcoin Season
- The debate on the possibility of an altcoin season continues within the crypto community
- Some analysts suggest a repeat of the 2021 altcoin season is unlikely
- Others argue it remains possible if the altcoin market exceeds $470 billion
- This threshold was crucial for previous cycles' altcoin rallies
