Bitcoin (BTC) Metric Signals Altcoin Prices Could Decline Sharply; Analyst Warns Alt Season ‘Not Around the Corner’

2024-6-6 21:30

With Bitcoin (BTC) trading around $71,000 and inching closer to its all-time high, many investors are anticipating a potential bull run that could lead to a subsequent influx of capital into altcoins as traders seek to diversify their portfolios. However, a current BTC metric is indicating a somewhat contrary narrative.

Bitcoin Dominance on the Rise
According to analyst “Crypto Rocketeer” (@Defi_Rocketeer), while Bitcoin is expected to soon reach the $73,000-$75,000 range, a slight correction or sideways movement could follow. As the focus shifts heavily towards Bitcoin, its dominance is set to rise, potentially causing some altcoins to weaken. However, the analyst also notes that this scenario could present exciting opportunities in the altcoin market.

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Crypto analyst Ross Allan (@R_J_Allan) provided a more bearish perspective, stating, “I don’t think it gets more bullish than this for #Bitcoin. Dominance has just retested a break out of ***the biggest ***technical triangle in the **entire **history of Cryptocurrency. Do not fade this. Alt season is not around the corner if this trend is confirmed. Do NOT fade #BTC.”

Allan’s analysis is based on Bitcoin’s dominance chart, which has recently broken out of a massive technical triangle pattern, potentially signaling a sustained period of Bitcoin’s increasing market dominance. If this trend is confirmed, it could further delay the much-anticipated “alt season,” a period when altcoins typically rally and outperform Bitcoin.

Read Also: Why Is the Crypto Market Up Today?

The analysts’ perspectives highlight the potential for Bitcoin’s continued dominance to hinder altcoin price growth in the near term. As Bitcoin’s market capitalization grows, it could lead to capital outflows from altcoins, resulting in a decline in their prices. However, some analysts also see opportunities in this scenario, as altcoins may become more attractively priced for accumulation during potential dips.

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The post Bitcoin (BTC) Metric Signals Altcoin Prices Could Decline Sharply; Analyst Warns Alt Season ‘Not Around the Corner’ appeared first on CaptainAltcoin.

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Источник: captainaltcoin.com

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