Bitcoin Dominance Range: The Key to Unlocking the Alt Season!
In the dynamic world of cryptocurrencies, we are constantly monitoring market trends and looking for cues to predict future price movements. One such trend that has caught my attention is the Bitcoin dominance trading range (as I've discussed many times previously), which has been oscillating between 40% and 48% since May 2021 (almost 2 years). As the market anticipates a potential alt season, breaking through the 48% level and tapping 50% could hold the key to unlocking significant gains for alts.
Bitcoin dominance refers to the percentage of the total cryptocurrency market capitalization attributed to Bitcoin. As Bitcoin's dominance continues to trade within the 40% to 48% range, I am eagerly awaiting a shift that could signal the much-anticipated alt season. The best chance for this to happen is when Bitcoin dominance breaks through the 48% level and reaches 50%.
Ideally, we would like to see this shift occur within the next two weeks. A crucial date to watch is April 6th, which coincides with the full moon. If alts have surged by this date, it might be wise to exercise caution and reduce risk. However, if Bitcoin experiences a pullback leading up to the next full moon, this could present a bullish opportunity where I will be looking to capitalize on potential gains.
As the crypto market continues to evolve, the Bitcoin dominance trading range remains a key indicator for everyone awaiting the next alt season. With the full moon around April 6th serving as a potential turning point, it is essential to keep a close eye on market trends and be prepared to adjust trading strategies accordingly.
FINAL IMPORTANT NOTE
If Bitcoin dominance breaks throuh 50% and does not retrace, the alt season mentioned above will be delayed and Bitcoin would be making a significant advance to new highs for this year and would have surpassed the technical barrier of $30,000 - which would be extremely bullish for Bitcoin. This scenario I currently give approximately a 25% chance of occurring.
And remember, just like the moon influences the tides, it might influence the crypto market too – but don't be too surprised if it doesn't! After all, we're trading cryptocurrencies, not werewolf futures!
Bitcoin dominance refers to the percentage of the total cryptocurrency market capitalization attributed to Bitcoin. As Bitcoin's dominance continues to trade within the 40% to 48% range, I am eagerly awaiting a shift that could signal the much-anticipated alt season. The best chance for this to happen is when Bitcoin dominance breaks through the 48% level and reaches 50%.
Ideally, we would like to see this shift occur within the next two weeks. A crucial date to watch is April 6th, which coincides with the full moon. If alts have surged by this date, it might be wise to exercise caution and reduce risk. However, if Bitcoin experiences a pullback leading up to the next full moon, this could present a bullish opportunity where I will be looking to capitalize on potential gains.
As the crypto market continues to evolve, the Bitcoin dominance trading range remains a key indicator for everyone awaiting the next alt season. With the full moon around April 6th serving as a potential turning point, it is essential to keep a close eye on market trends and be prepared to adjust trading strategies accordingly.
FINAL IMPORTANT NOTE
If Bitcoin dominance breaks throuh 50% and does not retrace, the alt season mentioned above will be delayed and Bitcoin would be making a significant advance to new highs for this year and would have surpassed the technical barrier of $30,000 - which would be extremely bullish for Bitcoin. This scenario I currently give approximately a 25% chance of occurring.
And remember, just like the moon influences the tides, it might influence the crypto market too – but don't be too surprised if it doesn't! After all, we're trading cryptocurrencies, not werewolf futures!