Are Altcoins Finally Ready To Run?
With the upcoming ETH ETF launch, many market researchers (including me) expect a kick-off of a broader altseason.
One of the most important charts in this context is the $BTC dominance chart. Here are a couple of thoughts about it:
➡️ Bitcoin has risen ~25% since last week. At the same time, the dominance level is perfectly within the long-term channel (which predicts a dominanc decline).
➡️ Bitcoin hasn't touched the descending trendline yet. However, I don't expect Bitcoin to go much higher and accordingly make a lower high.
➡️ With the upcoming ETH ETF launch, BTC's dominance should reverse, and the lower boundary (EMA200) should be tested again.
➡️ I remain confident that we saw the top back in April.
What does that all mean 👇
As mentioned in some other posts, a decreasing dominance does not mean that Bitcoin's price will decline. In fact, Bitcoin can easily reach 100k while losing dominance at the same time.
However, the difference from previous months is a much stronger-performing altcoin market. For example, if Bitcoin pumps 3%, alts will continuously go for 10-15%.
