Crypto Market Will Enter Altcoin Season, Bitcoin (BTC) Dominance Predicted to Experience a Sharp Decline

Crypto observers are paying attention to signs showing that the crypto market will enter the altcoin aka altseason season

Crypto observers are keeping an eye on signs that the crypto market will enter altcoin season, also known as altseason. Commenting on this, a crypto analyst known as TechDev shared his views with over 490,000 followers on social media platform X, revealing that altcoins are likely to outshine Bitcoin (BTC) in the upcoming period.

TechDev's analysis is based on observing historical data patterns of Bitcoin and altcoins.

The analyst presents a chart that highlights how altseasons, or periods where altcoins experience significant price surges, tend to follow Bitcoins printing new candlesticks after crossing an all-time high in its cycles.

According to TechDev, similar occurrences took place in 2017 and 2021, where Bitcoin reached new price peaks and subsequently, Bitcoin (BTC.D) dominance underwent a sharp decline, making way for altcoins to soar. In both 2017 and 2021, BTC.D notably dropped over a year, presenting opportunities for altcoins to record substantial gains.

In his analysis, TechDev also notes that altseasons often commence when Bitcoin reaches the upper Bollinger Bands on weekly timeframes. Bollinger Bands serve as a tool utilized by traders to identify periods of volatility and determine whether an asset is being overbought or oversold. According to TechDev, as Bitcoin touches the upper Bollinger Bands, altcoins tend to experience significant price rallies over the following six months.

Based on the latest data, the TOTAL2 chart, which tracks the market capitalization of all crypto assets excluding Bitcoin and stablecoins, currently shows a value of $1.476 billion. TechDev anticipates that the altcoin market will witness a substantial surge in the upcoming months.

If this pattern continues to hold, the crypto market could be entering an advantageous phase for altcoin investors, where the profitability of altcoins is higher compared to Bitcoin. The onset of altseason is expected to be realized in the near future.

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