Cryptoharian – Bitcoin (BTC) and Ethereum (ETH) are getting closer to breaking through resistance, altcoins in the market still seem to be waiting for certainty. This is because a number of analysts believe that there will soon be a massive movement in altcoins. Like one, an analyst on social media X with the name Crypto Nova, who revealed that altseason is near.
For your information, altseason is a period when the price of alternative cryptocurrencies, or altcoins, experiences a sharp increase. It is not uncommon for this increase to exceed Bitcoin. In his prediction, nova explains several key reasons why this might happen in the near future.
Nova explained that every time the crypto market experiences a major increase (bull cycle), there is always an altseason that follows. During this period, Bitcoin's dominance or the percentage of the total crypto market value held by Bitcoin usually decreases.
"This is because investors are starting to buy altcoins, with the hope of getting bigger profits compared to just investing in Bitcoin," said Nova.
Nova is optimistic because current market charts and data show that the shift towards altseason is not far away.
Based on the graphic data shared by Nova in his post, there are several notes given. One of them is the altseason annotation which shows the period where Bitcoin (BTC) market dominance decreases and altcoins experience a significant increase.
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The chart also shows BTC dominance declining from a peak around 2017, then fluctuating with some significant ups and downs. Looking again, there is a purple area around the 57.42 percent to 62.56 percent level that likely marks important resistance and support areas. In addition, the downward trendline from the BTC dominance peak indicates a long-term downtrend. There are some blue arrows pointing down that indicate a predicted decrease in BTC dominance at some point in the future.
Ever since altcoins became a real thing there has never been a bull cycle in history that didn't have an altseason.Never have we had a bull cycle without Bitcoin dominance significantly dropping.The introduction and opening of the ETH ETF trading that opens soon will further… https://t.co/nxiH4EwmTi pic.twitter.com/5SCS9CbIgS
— Crypto Nova (@CryptoGirlNova) May 31, 2024$
