A Crypto Analyst Predicts the Next Altcoin Season: What You Need to Know
A well-known crypto analyst has shared insights on what could trigger the next altcoin season in the cryptocurrency market. Rekt Capital, a popular strategist in the crypto space, recently shared his thoughts on when altcoin season could potentially kick off.
According to Rekt Capital, altcoin season is likely to begin once Bitcoin’s dominance level starts to decline. Bitcoin dominance refers to the percentage of the total market capitalization that Bitcoin holds. The analyst suggests that altcoin season could commence when Bitcoin’s dominance falls below 71%, although he did not specify an exact timeframe for this to happen.
Rekt Capital also pointed out that Bitcoin’s dominance levels have seen significant changes compared to previous market cycles. He highlighted that Bitcoin’s monthly Relative Strength Index (RSI), a technical indicator used to gauge momentum shifts, is currently at its highest levels ever recorded.
“Bitcoin Dominance Monthly RSI is on the verge of hitting new all-time highs after a successful retest of the November 2024 RSI as support,” Rekt Capital explained. He further noted that in previous cycles, the monthly RSI reaching 60 acted as a peak for Bitcoin dominance, but in the current cycle, it seems to be the floor.
As of the latest update, Bitcoin is trading at $83,052, marking a 1.88% decrease in the past 24 hours.
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