Altcoins have been making strong moves along with Bitcoin, which reached a new all-time high this week. Despite this, the cryptocurrency leader is starting to lose its dominance in the market.
This shift has sparked interest in an upcoming altseason as altcoins gain traction among investors.
Is AltSeason coming soon?
Crypto analyst MikyBull Crypto highlighted that Bitcoin dominance is close to a bearish crossover on the MACD. Historically, this has been seen as a key indicator for anticipating altseasons.
According to the analyst, the post-election climate is driving this shift, as it historically acts as a catalyst for altcoin rallies. This potential shift in market conditions could lead to a phase where these coins outperform Bitcoin in terms of valuation.
Bitcoin Dominance About to Decline. Source: Milkybull Crypto
Similarly, analyst IncomeSharks suggested that Bitcoin’s dominance signals a transfer of momentum to altcoins. IncomeSharks recommends that investors “buy and hold” certain cryptocurrencies during November, anticipating continued gains as the month progresses.
This analysis is in line with the view that altseason could begin by the end of the month as investors look to diversify away from Bitcoin. Thus, for investors looking to make the most of altcoins, it may be necessary to wait until a confirmation arrives.
Read more: Altseason: what it is and how to take advantage of the altcoin bull cycle
Event arrival
The Altseasons Index currently reflects that while Bitcoin’s dominance is waning, it has not yet completely dissipated. For the event to officially begin, 75% of the top 50 altcoins would need to outperform Bitcoin in terms of appreciation.
This milestone requires 33 cryptocurrencies to show stronger growth than BTC, confirming the arrival of this event.
Currently, only 19 altcoins are outperforming BTC in gains, indicating that an altseason has yet to fully materialize. If that number were to increase, it would signal a definitive shift.
Altcoin Season Index. Source: Blockchain Center
If institutional interest in Bitcoin intensifies, BTC dominance could strengthen, potentially delaying altseason until 2025. An increase in BTC-focused investments could prolong Bitcoin’s leadership, keeping altcoin growth in check until broader conditions favor alternative assets.
The article Altseason will happen this month, analyst predicts was first seen on BeInCrypto Brasil.
