Re: Bitcoin dominance will melt for altcoins season to start. Do you agree?
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?
I have my personal mentor who is also my personal friend. And I was also taught how to read the bitcoin dominance index against the movement of altcoins in the market. And one of them is, as many traders believe, that when Bitcoin's dominance is still strong enough, the altseason has not yet started. But when bitcoin's dominance weakens at a certain point while waiting for certain confirmation then it can be said that altseason will begin. And this has been proven to be true by the end of 2024. So I believe in this. 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?
There are quite a lot about technical indicators too. But what is easiest for us to understand is that you can check it yourself at Coinmarketcap > Altcoin season index section1. There you will be able to read clearly where we are at the moment.
Below I have attached a screenshot from coinmarketcap's Altcoin season index section. I hope this helps.
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Sourch:
1. https://coinmarketcap.com/id/charts/altcoin-season-index/