Most professional traders/investors believe that the much anticipated altcoins season will not commence except there are reasonable melt down of the dominance index rates. As a matters of facts, Bitcoin dominance index rate is still bullish at 63% as at the time of writing.
Some time ago many traders, retail investors and holders thought that altcoins season has ended earlier this year, but I have contrary opinion, i think that altcoins season is yet to commerce, though no technical indicator to validate my opinion, but based on past experiences of the past season, there could be reason to believe that altcoins may be loading waiting to commence any time this year. What are your thoughts?
It’s correct analysis since lesser Bitcoin dominance means more money flows to the altcoins that comes from Bitcoin or fresh money(assuming marketcap increase).
Altcoin season happened when Bitcoin dominance decreased while the price of Bitcoin still increased since it only means that many fresh money entering the market purchased altcoin without the need to sell Bitcoin just to purchase altcoin.
Right now, the majority of Bitcoin holders is not selling while no new fresh money entering the market for altcoin.