"WHEN ALTCOIN SEASON"?
The Bitcoin Dominance chart will give you all the answers you need!👀
$BTC Dominance is currently topping out here which is AMAZING NEWS FOR ALTCOINS!🚀
In 2024 the general altcoin market will finally have the PERFECT conditions to outperform $BTC!💪
Remember the money flow in Crypto👇
➡️Bitcoin
➡️Large Caps
➡️Mid Caps
➡️Small Caps
Here are my main arguments that make me believe $BTC dominance is topping out here on the weekly chart👇
✅ Rising wedge pattern on $BTC dominance broke to the downside (bearish for $BTC dominance)
✅ Last weekly candle on $BTC dominance was a HUGE bearish engulfing candle at a critical level that underlines the upcoming bearishness for $BTC dominance in the next months
Even more arguments that $BTC dominance is topping out here, looking at other important charts in crypto👇
✅ $ETH/$BTC (in a sense the inverse $BTC dominance chart) bouncing at a key level on the weekly chart
✅ $ETH/$USDT doesn't have any huge resistance levels until $3.5k, giving it lots of room to run
✅ $BTC/$USDT got rejected at an important resistance level at $48k and it looks like sideways or downwards price action for the next weeks is the main scenario (unlike $ETH that has lots of upside potential left)
✅ $BTC ETF hype will continue to die down, leading to a further rotation from $BTC into $ETH & altcoins in the following weeks and months
It makes sense that $BTC was in the spotlight as there was lots of hype surrounding the $BTC ETFs.
However: Lately $ETH made an epic comeback at a key level, leading to the $BTC dominance chart to turn bearish.
In the following months I'm expecting $ETH to outperform $BTC and that capital to flow into other Large Caps, Mid Caps and Small Caps.
Usually altcoins have had a hard time gaining value vs $BTC in these conditions.
