Striking analysis: Altcoin season depends on these conditions!
The analysis, which stated that Bitcoin dominance has touched a significant resistance point, reported that altcoins are preparing for a strong bull season.
The crypto market has increased by 20.33 percent since Friday, September 6, reaching $ 2.182 trillion. Bitcoin (BTC) constituted the majority of the $ 368 billion increase in the market.
It was seen that BTC, which rose to the level of $ 64,000, also gained strength in market dominance. According to metrics, BTC dominance increased to 58.59 percent on September 18. Crypto analysis platform AMBCrypto stated that the metric in question indicates a potential resistance point.
Crypto analyst Ali Martinez stated in an article he published on X that the dominance chart formed a rising wedge pattern and was approaching the resistance level of 60 percent.
“A possible decline in BTC dominance will show that money flows into altcoins,” said AMBCrypto, continuing his words as follows: “The flow in question can lead to an alt season, which is a very profitable period for long-term owners of altcoin projects.”
An index measuring the altcoin season reached 35 points out of 100. According to historical data, the index value should be 75 points for a potential altcoin bull.
In the analysis, the performance of stablecoins was also discussed in addition to BTC dominance. Stating that the stablecoin supply ratio metric points to an altcoin bull, AMBCrypto said:
“A price increase seems possible in the altcoin market. However, the values of the metric are not close to the levels of the previous rally.”
The market value of altcoins other than BTC and ETH has exceeded $ 600 billion. Martinez reported that the first target is $ 625 billion, and if the said region is exceeded, an increase of up to $ 800 billion could be seen.
#KIP #KIPprotocol #CryptoDeNostradame #MOGUL #MogulProdustions
