Altcoin

AltSeason is not displayed within limits; Here’s what a famous analyst has to say!

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Speculations on BTC’s price rally have changed in recent days as the cryptocurrency is facing pressure from both sides. Bulls show strength for a while, followed by bearish actions. These constant fluctuations have kept market participants on edge and forced them to accumulate on small pullbacks and take profits on smaller rallies. Furthermore, BTC’s dominance is creating new highs, which suggests that an altseason may follow. However, this time the situation may be slightly different, as indicated by a well-known analyst.

One of the famous analysts, Benjamin Cowen, followed the recent price movements and compared them with previous ones. With this, the analyst says the markets are not sending strong signals for a high season. Therefore, Bitcoin could continue to dominate the markets for a long time.

The historical graph of BTC dominance shows a different trend compared to previous alt seasons in 2017-18 and 2021. Dominance has declined heavily in recent cases, which triggered a strong altseason. However, this time, the dominance is increasing, forming steadily rising highs and lows, suggesting increasing dominance of the bulls. Therefore, analysts believe that this is not an “AltSeason”. He says,

“Alt Season is the time when BTC’s dominance collapses, as people take profits from BTC and put it into altcoins.

A macro uptrend of BTC dominance, which is what we have been in, suggests that this is not a peak season, nor has it been. This graph shows that the last alternate season we had was in 2021,”

Previously, the analyst had shed light on the possibility that the second largest token, Ethereum, marking new lows. This confirms the bearish statement of ETH price, which could further defer the AltSeason until it strengthens. To add further support to the bearish thesis, so does the analyst shares the Progress/Failure indicatoror A/D line, which is forming new lows.

The A/D line is used to identify potential buying or selling opportunities by analyzing the number of cryptocurrencies that are gaining or decreasing in value. The A/D line is finding new lows in times when altcoin prices are rising. This suggests that cryptocurrencies are losing value despite the overall bullish trend.

Collectively, the AltSeason does not appear to be at the limit and, therefore, the markets could remain consolidated or maintain an upward consolidation until the price of Ethereum (ETH) gains some momentum.



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