Bitcoin Dominance Expected to Drop to 35% Indicating Major Altseason
Market analyst Egrag Crypto predicts a significant altseason driven by recent changes in the Bitcoin Dominance (BTC.D) chart. This follows ongoing debates about the potential for an altcoin market run.
Predictions of a Major Altseason
- Egrag Crypto suggests a parabolic price rally for altcoins, supported by BTC.D's recent movements.
- Bitcoin dominance has closed below the 21-week Exponential Moving Average (EMA), historically leading to significant declines in dominance.
- Past instances show Bitcoin dominance dropped by 47.86%, 42%, and 42.17%, averaging a decline of 43.34%.
- A potential decrease to around 35% in Bitcoin dominance aligns with historical patterns and technical analysis.
Altcoins Positioned for Growth
- Analyst Titan of Crypto indicates that an altseason could begin soon, supported by bullish movement on the Ethereum-to-Bitcoin (ETH/BTC) chart.
- ETH/BTC breaking above its resistance trendline suggests a shift in market momentum.
- The total altcoin market cap stands at $1.64 trillion, accounting for 41.6% of the overall crypto market cap.
