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Crypto analyst El Crypto has raised the possibility of an altcoin season happening soon. The analyst alluded to Bitcoin’s dominance rising to a major rejection zone, which could be bullish for altcoins.
Altcoin Season May Be Imminent As Dominance Hits Major Rejection Zone
In an X post, El Crypto suggested that the altcoin season may be imminent as Bitcoin’s dominance hits a major resistance zone. He revealed that BTC’s dominance again touched a zone that has led to rejection every time in the last one and a half years. He added that the Stochastic Relative Strength Index (RSI) is also in the overbought area, while a bearish cross has now happened again.
Based on this, the analyst remarked that the market looks to be in for some fun, hinting at an altcoin season. Crypto analyst CryptoElites also affirmed that Bitcoin’s dominance has reached its peak. He further affirmed that next up is a massive altcoin rally, which will usher in the alt season.
In another X post, the crypto analyst alluded to the USDT and USDC dominance ratio. He claimed that the market was at a critical trend reaction point right now. CryptoElites then mentioned that if the stablecoins’ dominance breaks down, then the altcoin season will officially begin.
Crypto analyst Kevin Capital also looked to provide a bullish outlook towards the altcoin season. In an X post, he highlighted the global liquidity index overlaid with the Dogecoin price. In line with this, he remarked that it might be time for market participants to start paying attention to this.
So far, altcoins have been mirroring Bitcoin’s price action, suffering a similar downtrend amid the trade war. However, if the altcoin season were to kick into full gear, these altcoins could easily decouple from the flagship crypto and outperform. Ethereum is known to lead this altcoin season, but that may not be the case this time, as ETH has underperformed throughout this cycle.
Still Bitcoin Season For Now
Blockchain Center data shows that it is still Bitcoin season for now, as the flagship crypto continues to outperform most altcoins. In the past 90 days, only seven out of the top 50 coins have outperformed the flagship crypto. These coins include Mantra, GateToken, Monero, LEO, Tron, and FastToken.
For it to be altcoin season, 75% of the top 50 coins would need to outperform Bitcoin over the last 90 days. Although almost all coins have witnessed declines within this timeframe, BTC has suffered a 22% drop, which is less than what these altcoins have seen during this period.
At the time of writing, the Bitcoin price is trading at around $80,900, down over 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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