Pratik

Bitcoin has been breaking all resistances and its dominance continues scaling up. After BTC takes such a massive rally, altcoins generally follow a similar price action once the dominance of BTC starts dropping.

When will the next altcoin price season begin? The answer is: SOON! Let us take a look at the previous few years to understand this further.

This is the BTC dominance chart of weekly candles from 2014 to 2017.

BTC dominance chart

This is the BTC dominance chart of weekly candles from 2014 to 2017.

BTC dominance chart

Historically, we have seen that BTC dominance starts declining from November and makes lower lows in subsequent weeks till January-February. This coincides with an increase in the price of all major altcoins. The profits made by investors from BTC longs are used to long many major altcoins, and we see that alts make much higher relative gains than BTC.

We have already seen a massive increase in Bitcoin since the past three weeks. It is just a matter of time till we start seeing BTC dominance making lower lows and the beginning of the next altcoin price season.

BTC dominance affects altcoin price.

Once BTC.D drops from the resistance of 66 or 71, we should start seeing alts rising. Best case scenario for alts would be for BTC.D to fall below 54.

Images courtesy of TradingView.

Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.

(Excerpt) Read more Here | 2020-11-19 02:28:14
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