Bitcoin Dominance Has Topped, Setting the Stage for Altseason

Market expert and CEO of Real Vision, Raoul Pal, has drawn the crypto community's attention to a rare signal that just flashed on the Bitcoin dominance chart.

Market expert and CEO of Real Vision, Raoul Pal, has drawn the crypto community’s attention to a rare signal that just flashed on the Bitcoin dominance chart. Amid this development, crypto analyst Teddy has indicated that altcoin season may be on the horizon, with other coins besides BTC enjoying a significant run during this period.

Expert Predicts Bitcoin Dominance Has Topped

In an X post, Pal opined that Bitcoin dominance has topped. He revealed that there are daily, weekly, and monthly DeMark tops in place, and the top is well above the 2021 top, which was below the 2017 top.

If that plays out, it will be the hallmark of the next phase of the Banana Zone. This next phase of the banana zone is the altseason, which typically occurs while Bitcoin undergoes its correction phase.

During his appearance at the Sui Basecamp in Dubai, he stated that they have forward-looking data showing that altseason is around the corner. Specifically, he noted that this period begins when the Bitcoin price starts to break all-time highs (ATHs).

"We have internal data that is showing that we're going to get a Banana Zone Phase 2, which is going to be the massive run on altcoins while Bitcoin does its correction, and that Banana Zone Phase 2 is going to be huge. It's going to be crazy. It's going to be bananas, and we're going to have a lot of fun. But it's going to start when Bitcoin starts to break ATHs."

Crypto analyst Rekt Capital also commented on the BTC dominance, noting that it is currently on the decline and retesting the 64% level as new support. He remarked that history suggests this could be a volatile retest, and the longer the wick, the better the altcoin window.

The Incoming Mega Dump That Will Usher In Altseason

Asserting that the chart signals market participants are about to witness the “greatest drop” in the Bitcoin dominance, crypto analyst Egrag Crypto asserted that this move would be huge and usher in the altseason, where he predicted that investors would make a lot of profits.

"Signals an incoming MEGA dump in BTC dominance. This move is going to be HUGE and it will open the door for altseason. Get ready for a massive run on other coins as BTC pulls back from its recent gains. Expect a lot of gains to be made in the altcoin market."

Crypto analyst Teddy also indicated that the altcoin season was around the corner. In an X post, he stated that the altcoin market cap hasn't looked this bullish in many months. In line with this, the analyst declared that the "party" in reference to altseason looks about to begin.

The Ethereum price is known to play a huge role in ushering in this altcoin season, and ETH has been on a roll this week, further strengthening the case for an imminent altseason.

According to Rekt Capital, Ethereum’s dominance has surged by over 2% since dropping to new all-time lows last month.

The analyst added that, on this move up, ETHDOM has played out the full extent of its September 2019 upside. However, he noted that ETH would need to breach the 9.05% for an even greater move.

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