The Return Of Altcoin Season: Why Bitcoin Dominance Must Fall To 62%
Bitcoin dominance remains high at 64%, hindering the start of an altcoin season. Historical data indicates that a significant decline in Bitcoin dominance is necessary for altcoins to initiate an independent rally. Analysts suggest that Bitcoin dominance could drop to 62%, which would signal a potential altcoin season. A 7-wave crashing pattern has been identified, indicating a possible decline, with critical support at 63.45%. If this support is broken, a sharp drop towards 62% is anticipated, which could trigger momentum for altcoins. The altcoin market must also surpass the $470 billion resistance for a significant rally similar to 2021 to occur. Market opinions are divided on the likelihood of an altcoin season, with some analysts remaining optimistic.
