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Bitcoin Dominance Chart Forms Bearish Wedge Pattern, Altcoin Season On The Horizon
Crypto analyst Titan of Crypto has highlighted a bearish pattern on $BTC 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 (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.
