- Bitcoin maintains $72,000 price as analysts swarm over its next moves.
- Bitcoin Dominance prompts the question of when altseason will begin.
- Analyst explains why now is not the right time for altseason when 5-10x gains lie ahead.
Bitcoin (BTC) is holding strong in the $72,000 range, drawing close attention from analysts eager to gauge the next moves in the crypto market. Although Bitcoin has the potential to reach new all-time highs (ATHs), a key question remains: when will altcoins join the rally, and will this signal the start of an altseason?
Currently, expectations for a bullish altseason hinge on how high Bitcoin can rise. For starters, Bitcoin needs to reclaim its previous ATH of $73,700 before aiming for new highs. If this milestone is achieved, Bitcoin could set its sights on a fresh ATH, with some analysts targeting $77,100.
Bitcoin Sets New ATHs in 133 Currencies
As we can see from the post above, Bitcoin (BTC) has already set new ATHs in 113 currencies. Thus, many analysts are certain that it is only a matter of time before Bitcoin (BTC) goes on to set a new ATH on the dollar scale as well. Meanwhile, analysts ponder over when altseason will commence.
What’s the Hold Up for Altseason?
“WHY ARE ALTCOINS NOT PUMPING?”
“BITCOIN IS AT $72,000”
The answer is simple:
Bitcoin Dominance.
Right now, Bitcoin Dominance is around 60%.
This means 60% of the entire money invested in all of Crypto is in Bitcoin.
The #Altseason you are waiting for will occur when…
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— CryptoReviewing (@CryptoReviewing) October 30, 2024
According to the post above, there is only one reason behind altseason not having begun and that is due to Bitcoin Dominance. Currently, Bitcoin Dominance is around 60% which means 60% of the entire money invested in all of Crypto is in Bitcoin. Therefore, altseason can only begin when Bitcoin Dominance loses the current uptrend and starts going down significantly.
For a healthy altseason to occur, Bitcoin needs to continue to hold dominance and begin to pump towards new ATHs. Once this new capital enters Bitcoin and sets new highs, the liquidity will then start to pour into altcoins which will finally signal the start of altseason. The analyst expects the coming altseason to be parabolic with altcoins seeing 5-10x returns in a matter of weeks igniting bullish altcoin sentiment.
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