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Story Highlights
A drop in Bitcoin dominance could trigger significant capital flow into altcoins.
Altcoin season isn’t confirmed yet, with only 31% outperforming Bitcoin in 90 days.
Bitcoin dominance hits resistance, signaling potential for an altcoin rally.
In the past three weeks, the crypto market has surged by nearly 20%, with the total market cap jumping from $1.828 trillion to $2.261 trillion. The rise was mainly driven by a recent Fed rate cut, pushing Bitcoin to a one-month high of $65,142.
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But here’s where it gets interesting Bitcoin’s dominance, which peaked at 58.59%, is now hitting a crucial resistance. Could this open the floodgates for an altcoin season?
Meanwhile, analysts at Bitcoinsensus, hinting at a potential breakout for altcoins if Bitcoin’s dominance falls.
BTC Dominance is starting to hit some major resistance. If BTC.D break to the downside with this bearish pennant on the weekly timeframe, the next biggest area of major support lies at 47.5% in confluence with the 50% fib retracement level. This will be very bullish for the…
pic.twitter.com/4hpjkwVIuL
— Bitcoinsensus (@Bitcoinsensus)
September 24, 2024
Bitcoin Dominance Faces Key Resistance
According to Bitcoinsensus, the dominance has formed a bearish pennant on the weekly chart — a pattern can lead to a drop in Bitcoin dominance if it breaks downward.
Currently
sitting around 57%
, Bitcoin’s dominance is nearing a key support level at 47.5%, which aligns with the 50% Fibonacci retracement level. A decline in Bitcoin dominance often leads to more capital flowing into altcoins, driving their prices higher.
If BTC.D continues its downward trend and breaks below the current resistance,
altcoins could see a massive rally
.
The 47.5% support level is crucial because it has historically served as a strong reversal point. If it bounces back from here, Bitcoin could regain its lead. But if the fall continues, we could see altcoins outperforming Bitcoin in the coming weeks.
Altcoin Season: Is It Too Soon to Call?
Despite promising technical signals, it may be too early to declare the start of an altcoin season. According to Blockchain Center,
only 31% of the top
50 altcoins have outperformed Bitcoin in the last 90 days, showing that the altcoin season hasn’t officially kicked off yet.
The altcoin season index currently sits at 31, far from the required score of 75 needed to confirm an altcoin season. While the rising score may offer hope for long-term investors, it’s clear that more gains are needed before altcoins take the lead.