A crypto analyst believes altcoins will outperform Bitcoin soon, as Bitcoin dominance is set to drop. The current Bitcoin dominance stands at 64.73%, and the analyst suggests an altseason might occur as it approaches 71%. Recent patterns show BTC dominance is reclaiming key levels, and Bitcoin is on the brink of entering a new price discovery phase. Right now, Bitcoin is priced at $93,961, down 1% in the last day.
A widely noted crypto analyst has suggested that altcoins could start gaining an edge over Bitcoin (BTC) when a specific market metric reaches a critical threshold. Known as Rekt Capital, this analyst has a considerable social media following and recently discussed Bitcoin dominance (BTC.D) trends on X, pointing out that it might enter a downward trajectory shortly, paving the way for altcoins to thrive.
As it stands, Bitcoin dominance is at 64.73%. This metric is vital for traders as it measures how much of the overall crypto market cap Bitcoin constitutes. Essentially, a higher dominance indicates stronger performance relative to altcoins. Rekt Capital hints that if historical trends hold, we might see the much-anticipated ‘altseason’ kicking off soon. He notes that this period usually begins around a rejection near 71% dominance.
Further analysis shows that the Bitcoin dominance metric appears to be re-establishing support at the 64% mark on monthly charts. This pattern is reminiscent of a prior occurrence in 2019 when BTC.D peaked at the same 71% before slipping into a downtrend. Rekt Capital shared comparisons, suggesting that the current momentum is oddly similar to previous trends, which may indicate an impending shift.
Interestingly, there’s talk of Bitcoin entering a new price discovery phase after a prolonged consolidation period. Rekt Capital laid out what he calls the “Bitcoin price discovery roadmap,” stating that Bitcoin seems poised to conclude its initial price correction and advance into a new upward trend.
At the time of writing, Bitcoin was valued at $93,961, reflecting a small drop of 1% in the previous 24 hours. It’s a volatile yet intriguing time for the crypto market as traders keep a watchful eye on these developments.
In summary, upcoming shifts in Bitcoin dominance metrics might be a turning point for altcoins. Investors are urged to stay informed and consider the risks involved before diving into any cryptocurrency investments. As always, due diligence is key when facing such volatile markets.
