Bitcoin Dominance Chart Forms Bearish Wedge Pattern, Altcoin Season On The Horizon

Crypto analyst Titan of Crypto has highlighted a bearish pattern on Bitcoin’s dominance chart, suggesting that altcoin season might be on the horizon. The analyst expects these altcoins to make massive moves soon enough, having experienced significant declines for some time now. 

Bitcoin Dominance Chart Forms Bearish Pattern

Titan of Crypto mentioned in an X (formerly Twitter) post that the breakout on the rising wedge on Bitcoin’s dominance has been confirmed. As such, Bitcoin’s dominance is expected to experience a decline to the downside. The crypto analyst added that this could be a good time for altcoins to recover after weeks of corrections. 

A drop in Bitcoin’s dominance is usually bullish for altcoins. Such development could usher in the altcoin season when these crypto tokens are known to decouple from the flagship crypto and outperform it. 

Data from the Blockchain Center suggests that the altcoin season might be on the horizon, as there has recently been an increase in the number of altcoins outperforming Bitcoin. Altcoin season is confirmed when 75% of the top 50 coins by market cap have outperformed Bitcoin over the last 90 days. 

Crypto experts like Michaël van de Poppe had previously suggested that the launch of the Spot Ethereum ETFs might be the catalyst to kickstart the altcoin season. These funds are expected to spark a significant rally for Ethereum (ETH), which could lead to massive moves for other altcoins. 

Ethereum is known to usually lead other altcoins into this altcoin, especially as its dominance against Bitcoin begins to rise. Titan of Crypto predicted that ETH’s dominance against BTC could significantly increase in the coming weeks and months, which he stated could lead altcoins to surge. 

“Face-Melting” Altcoin Season Is On The Way

Crypto analyst Lark Davis recently claimed that a “face-melting” altcoin season is on the way and that all the crypto community needs to do is to be patient. The analyst also alluded to a recent analysis by crypto analyst Mikybull Crypto. Mikybull Crypto stated that the macro short-term correction for altcoins is about to end. He told the crypto community to prepare for the upcoming markup phase as the altcoin season for this cycle is still in play.

In a recent X post, Mikybull Crypto stated that this cycle’s altcoin season will be “glorious.” He made this statement while revealing that the ETH/BTC pair is preparing to leave its 3-year Wyckoff re-accumulation range. He added that a bullish divergence is currently playing out as it did in 2020. 

While the altcoin season may be on the horizon, crypto analyst Andrew Kang has warned that most altcoins have topped out in this cycle and are likely to re-record new highs. As such, crypto investors might have to be very selective in what altcoins they invest in. 

Featured image created with Dall.E, chart from Tradingview.com