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Crypto analyst Astronomer has provided insights into when the altcoin season will likely begin following the Bitcoin price’s rally to a new all-time high (ATH). His analysis indicated that BTC’s dominance is about to top, which will pave the way for altcoins to outperform the flagship crypto. Altcoin Season To Begin Soon As Bitcoin Price Hits New ATH
In an X post, Astronomer predicted that the altcoin season is imminent, seeing as BTC’s dominance (BTC.D) has hit 65% following the Bitcoin price rally to a new ATH. The analyst remarked that BTC’s dominancewill roll over slowly first, before dropping rather quickly after the flagship crypto loses momentum. Related Reading Is It Time For Altcoin Season? Bitcoin Dominance Rises To Major Rejection Zone 1 month ago
He is also confident that the altcoin seasonis coming soon because BTC.D is up seven weeks in a row and all green from the bottom, which means the Bitcoin price-led move is stretching long. From a counting perspective, Astronomer remarked that BTC is coming to the end of the transition period, and altcoins will likely make their bigger moves soon.
The analyst noted that BTC.D has also nicely retested the quarterly breaker open. For now, he believes sentiment is certainly not ready for an altcoin season, seeing as only the Bitcoin bulls are loud. Astronomer added that the ETH bulls are quiet and that only coins that are Bitcoin liquidity-driven are talked about, including HYPE, WIF, and the Bitcoin priceitself. Source: Astronomer on X
He is confident that 65% is the top for the BTC.D despite calls for 67% and 70%. With the Bitcoin price dominance currently at almost 63%, Astronomer affirmed that he is well-positioned for the top, with altcoin season coming after. The analyst stated that soon, these altcoins will put in their big moves until they are forced to become the narrative again, where they top out.
Crypto analyst CrediBULL Cryptois also confident that the altcoin season is imminent amid the Bitcoin price’s rally to a new ATH. In an X post, he stated that where the market is headed in the coming months, every lagging altcoin is an opportunity to be thankful for, not a problem to be frustrated about. BTC Is Forming A Top At Current Price Levels
In an X post, crypto analyst CryptoVerse stated that the Bitcoin price is likely forming a top at its current levels. He admitted that the flagship crypto could still rally to between $112,000 and $118,000but warned that it could mark the cycle peak. The analyst also stated that he is not expecting an altcoin season before the fourth quarter of this year. Related Reading When Will Altcoin Season Begin After Bitcoin Price Hit ATH Above $111,000? 6 hours ago
CryptoVerse remarked that based on global liquidity trends, the altcoin season should begin in the fourth quarter and wrap up by the second quarter of next year. He noted that there could be short-term bounces, but a full-blown rally is unlikely to happen before then. Overall market excluding BTC at $1.26 trillion | Source: TOTAL2 on Tradingview.com Featured image from Getty Images, chart from Tradingview.com