Amidst the ongoing consolidation in the crypto market, an analyst known as cryptododo7 has observed developments in Bitcoin Dominance that could have significant implications. In a recent post, cryptododo7 shared a technical analysis suggesting a possible altseason. The analyst noted that Bitcoin Dominance might be set for a sustained uptrend after a breakout and successful retest of a bullish pennant formation at the 61.25% level. This pattern typically forms after a strong upward price movement, followed by a consolidation phase creating a symmetrical triangle. With the breakout and retest, Bitcoin Dominance is expected to surge, potentially reaching a target of 67.51%. However, this rise may not indicate a market-wide rally, as Bitcoin Dominance could increase alongside a decline in Bitcoin and altcoins’ prices. The analyst suggests that this dominance peak might signal a possible altseason, where altcoins outperform Bitcoin, confirmed by a decline in Bitcoin Dominance.
Despite skepticism from some analysts about an altseason due to the increase in altcoin numbers, cryptododo7 remains optimistic, predicting an altseason following Bitcoin Dominance’s rise to 67.51%. During this period, altcoins could see massive capital inflows, potentially reaching $627 billion.
In other developments, MoreCryptoOnline reports that the Weekly MACD of the total crypto market cap (excluding the top 10 coins) is beginning to curl upwards, indicating a potential bullish shift in the altcoin market. The MACD is a momentum indicator used to identify potential trend reversals. While this signal suggests a possible shift, it remains an early-stage confirmation of the altseason. Currently, the total crypto market capitalization is $2.76 trillion, with Bitcoin accounting for $1.67 trillion. The CoinMarketCap Altseason Index is at 21, indicating that an altcoin boom is not yet imminent.