- 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?
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.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
