Potential Altcoin Season as Bitcoin Dominance Reaches Resistance
- Crypto analyst El Crypto suggests an imminent altcoin season as Bitcoin’s dominance hits a major resistance zone.
- Bitcoin’s dominance has reached a rejection zone repeatedly over the past 18 months.
- The Stochastic RSI is in the overbought area, indicating potential market shifts.
- For an altcoin season to occur, 75% of the top 50 coins must outperform Bitcoin over the last 90 days; currently, only seven have done so.
- Bitcoin price is approximately $80,900, with a recent decline of over 1% in the last day.
Analysts indicate that Bitcoin’s current market position could lead to an altcoin rally if its dominance decreases and stablecoins’ dominance breaks down. However, it remains Bitcoin season for now as it continues to outperform most altcoins.
Source (2.6)https://www.newsbtc.com/altcoin/is-it-time-for-altcoin-season/?rand=52377
