Despite the profits that can be seen in the market, the Altcoin season is still far from the beginning, and is still signaled by how high Bitcoin’s superiority is. Bitcoin’s control over the encryption market remains a major decision factor at the beginning of the Altcoin season, how high or low. The dominance is still more than 60%, so you can still regain an important level and send the Altcoin market once again.
Bitcoin superiority is a complete breakdown
Crypto Analyst Colin Talks Crypto took X to explain where Bitcoin was sitting and where it could happen. The analysts pointed out that the dominance is now preparing for repetition in December 2024 and came from Blue Channel, which had seen Altcoins’ rally.
If it falls below 61%, the dominance has fallen below this channel and is now popular. But as with December 2024, Colin explains that this can be another fake. In this case, the dominance can be quickly overturned and increased again. In the case of fake, the market was able to tank again, and Altcoin has a cruelty of decline.
Alternatively, this movement can be proven by the re -testing and subsequent decomposition of the channel. As Colin explained, Bitcoin’s dominance can be tested for about 62%of the bottom of the blue channel. But after that, it will be confirmed that the Altcoin season has begun.
In the same context, Ett/BTC chart shows the reversal this month, and Ether Lee seems to be on the bottom of Bitcoin. This is also another signal that Bitcoin’s dominance can end and the start of the next Altcoin season is at the corner.
Why Altcoin is still in danger
Bitcoin dominance still sits too close to the bottom of the channel, which is still high. In fact, there is a possibility that dominant power will reclaim the channel. Colin means that the Altcoin season has not begun if this happens and the Bitcoin dominance moves back to the channel.
The reversal to the channel is not the only scenario that can be negative for Altcoin because it is likely to be turned off. The analysts explain that this scenario will not be good for Altcoins because the scenario can last for several months and Altcoins can shed blood.
The most strong scenario of the Altcoin season still remains that there is still a continuous breakdown of the channel. Even if the BTC dominance decreases during this period, the price of BTC can continue to increase. ALT and BTC can increase USD value during this period.
DALL.E’s main image, TradingView.com chart
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