Altcoin Season Signals Hide In 'many Weeks' Of Bearish Btc...

A crypto analyst said Bitcoin’s dominance chart has “looked bearish for weeks” and altcoin season could be on the horizon.

The recent volatility in Bitcoin’s dominance could be a signal that altcoin season is approaching sooner than many traders expect, according to a crypto analyst.

“The reason why you should have confidence in the altcoin price action is because the BTC Dominance chart looks bearish and has looked bearish for many weeks,” crypto analyst Matthew Hyland said in an X post on Friday.

“The downtrend is favorable to continue; therefore, this relief rally has been a dead cat bounce in a downtrend,” Hyland said. In a separate video on Saturday, Hyland said that the recent volatility in Bitcoin’s (BTC) price may have been orchestrated by traditional finance giants.

“Over the past month, I’ve kind of just maintained the view that a lot of this was really just manipulation, essentially for Wall Street to set themselves up,” he claimed.

Bitcoin’s dominance, which measures Bitcoin’s overall market share, is down 5.13% over the past 6 months, and holding 59.90% at the time of publication, according to TradingView.

It was only on Nov. 4 that Bitcoin slipped below the $100,000 price level for the first time in four months, leading to broader market concerns about where the asset’s price will go next.

Bitcoin is trading at $102,090 at the time of publication, according to CoinMarketCap.

While Hyland speculated that the altcoin market may gain momentum soon, other indicators, however, continue to point to a market centered around Bitcoin.

CoinMarketCap’s Altcoin Season Index currently sits at 28 out of 100, well within “Bitcoin Season” territory.

Source: CoinTelegraph