Rekt Capital, a prominent crypto analyst, predicts altcoins may outperform Bitcoin as the Bitcoin dominance (BTC.D) metric approaches key levels. Currently at 64.73%, BTC.D may soon decline, paving the way for an altseason. Bitcoin is also poised for a potential price discovery phase after a lengthy period of consolidation, presently trading at $93,961.
A well-known crypto analyst has stated that altcoins could start to outshine Bitcoin (BTC) once a certain metric reaches a significant threshold. The analyst, who goes by the name Rekt Capital, recently shared this insight with his 545,100 followers on the social media platform X. He believes that the Bitcoin dominance (BTC.D) metric is preparing to descend, which could create an opportunity for altcoins to perform better than Bitcoin.
Currently, Bitcoin’s dominance stands at 64.73%. The BTC dominance metric is crucial for traders, as it reveals the portion of the total crypto market cap that Bitcoin constitutes. According to Rekt Capital, history suggests that an altseason could kick off when Bitcoin dominance reaches near the 71% mark and subsequently rejects at that level.
He went on to suggest that the BTC.D might be poised to establish 64% as a new support level on its monthly chart. This pattern closely mirrors what happened in 2019, when the dominance metric rose to 71% before it started a downward trend. Rekt Capital pointed out that, after reaching the November 2024 highs, Bitcoin’s dominance fell back to roughly 64%, setting the stage for a potential retest of this level.
Moreover, Rekt Capital noted that Bitcoin might be on the verge of entering a new price discovery phase after a prolonged period of price consolidation. He outlined a so-called “Bitcoin price discovery roadmap,” indicating that Bitcoin is trying to complete its first price discovery correction to embark on a new upward trend.
As for current trades, Bitcoin is priced at $93,961, experiencing a slight dip of 1% in the last 24 hours. This indicates that while traders are watching BTC closely, they should also keep an eye on the altcoin market, which could soon take the lead.
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