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Bitcoin Reaches Critical Point: Is Altcoin Season Coming?
Bitcoin dominance reaches 64% while altcoins are under pressure. Forecasts indicate possible changes in the market.
Bitcoin Reaches Critical Point: Is Altcoin Season Coming?
Bitcoin dominance in the cryptocurrency market has reached a critical point by rising over 64%. This development has put noticeable pressure on altcoins, which were already struggling to generate significant upward movements in recent weeks. Loud IT Boltwise This market development is seen as crucial as technical analysis marks a turning point for Bitcoin (BTC.D) dominance.
Currently, Bitcoin dominance stands at 63.5% after a recent loss of support at $105,000. Traders are eyeing a resistance area between 64.00% and 64.40% after multiple upside attempts in this area failed over the past few months. A break below 63.45% could usher in a diverse altcoin season, analysis suggests.
Critical forecasts and future developments
Analysts are warning of a potential decline in Bitcoin dominance that could come with a change in the performance of altcoins including Ethereum, Solana and Dogecoin. Ethereum, for example, has increased its dominance by 2.01% to 9.4% in the last 24 hours, highlighting the momentum in the altcoin sector.
The importance of these moves is also underscored by the fact that Bitcoin has reached its highest dominance since April 2021, as BeInCrypto reported. This phase also coincides with a multi-month high in the Bitcoin price, which is viewed by various analysts as a potential point of reversal.
Market trend and reversal signals
Elja Boom, a crypto analyst, warns of a significant decline in Bitcoin dominance, which could signal a shift to altcoin season. Current market activity shows that only 20 of the top 50 altcoins have managed to outperform Bitcoin in the last 90 days. This is a strong indication that a change in market dynamics could be imminent.
Important opinions from the analyst community, such as those of Coach K Crypto and Michaël Van De Poppe, state that a divergence between Bitcoin price and BTC.D must exist to confirm a sustainable trend change. Additionally, Ethereum's performance is crucial to initiate a possible reversal in the market. These factors show that the next few weeks could be crucial for the future of cryptocurrencies.