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The decline in Bitcoin’s market dominance and the bullish outlook in the altcoin market have led investors to question whether a new altcoin season is starting. Analysts believe that the early stages of the altcoin season have begun. Following Bitcoin’s recovery in the last month, altcoins have begun to gain strength. This development has led analysts to predict that the market is on the verge of an altcoin season.
Insights From Crypto Traders About Bitcoin Dominance Fall
Crypto Capital co-founder ParabolicPump made the following statement on the X platform on September 23:
“Many altcoins have made major gains in recent days.”
Famous investor 360Trader stated that TOTAL3, the total crypto market value excluding BTC and ETH, is retesting the upper limit of a falling channel. Stating that this level has been under pressure since March 2024, 360Trader stated that a definite close above this level would be a significant blow to the bear market.
ParabolicPump, on the other hand, stated that Bitcoin dominance tends to decline with the increase in altcoin prices and added:
“In every bull market, there has been a phase where Bitcoin dominance declines significantly. It’s just a matter of time.”
According to TradingView data, Bitcoin’s dominance is at 57.56% as of September 26 and has declined by 1.09% in the last week. Investors usually observe that BTC starts to be sold and capital shifts to altcoins when Bitcoin dominance reaches its peak. Popular analyst Nebraskangooner stated that after Bitcoin dominance recently increased to 58.61%, a negative divergence has formed in the relative strength index (RSI) and this could be a peak signal.
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Crypto analyst Moustance emphasized that TOTAL2, the total market value of altcoins excluding BTC, is about to break out of the falling wedge formation that has been going on for six months. Moustance said that the RSI’s recovery from the downtrend and the possible bullish crossover in the moving average convergence divergence (MACD) indicator are positive signals for altcoins.
“I expect a rally of a magnitude we haven’t seen in years.”
Analysts, looking at charts and on-chain data, suggested that the market could see its biggest rally since 2017.
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