The post Bitcoin Price Analysis: Will Growing Dominance Lead to a New Altcoin Season? appeared first on Coinpedia Fintech News
At the start of this month, the Bitcoin dominance was around 57.69%. By October 3, it rose to 58.21%. It slipped to 57.68% on October 10. However, between October 11 and 16, it climbed from 57.68% to 58.85%. Now the dominance stands at 58.81%. What does this rising dominance of Bitcoin mean for Altcoins? A crypto expert, identified as Ash Crypto on X, recently made an interesting observation connecting the growing Bitcoin dominance and the future prospects of Altcoins. Let’s break it down! Ready?
Bitcoin Dominance Analysis: What Experts Think
Last day, the BTC dominance was at 58.86%. Yesterday, the Bitcoin price chart also displayed a bullish candlestick, with the price almost touching the monthly peak of $68,000. The expert stated that the Bitcoin market had surged to a 42-month high as the price reached $68,000. On October 11, the Bitcoin market met a fresh wave of bullish momentum.
Since then, the price has been consistently rising. Between October 11 and 16 alone, the BTC market witnessed an enviable surge of 12.10%. In the last seven days, the BTC price has experienced an increase of 10.8%. At present, the Bitcoin market looks extremely bullish, as the momentum gained on October 11 is still intact. This indicates the possibility of the price rising further.
Will the BTC Dominance Rise Further?
The overall BTC market return analysis suggests that there is a high possibility for the market to achieve tremendous growth in Q4, especially in October (the first month of the final quarter). Ash Crypto predicts that if this newly gained momentum takes the price of BTC to the range between $80,000 and $90,000 in the next 30 days, the dominance of Bitcoin in the cryptocurrency market may reach as high as 61%.
Also Read : Top 4 Altcoin Picks for 10x Profits This Crypto Bull Run ,
What Does This Mean for Altcoins?
Ash highlighted the general tendency of Altcoins to take a back seat during the triumph of Bitcoin. He forecasted that once Bitcoin breaks its all-time high, Altcoins would starts its rally. He claimed that this pattern was seen in the previous cycle as well.
In conclusion, Ash advised Altcoin investors to hold their assets for the next six months. It is clear that what he expects is the onset of a new Alt Season.
Stay tuned to Coinpedia for more updates regarding Altcoin Season!