- Bitcoin maintains the $72,000 price target as traders await altseason.
- Reputed analyst goes on to explain the importance of the Bitcoin dominance chart.
- He explains how this chart can contribute towards a healthy altseason.
Bitcoin (BTC) holds strong in the $72,000 price range and analysts are watching the charts closely to predict what is next for the crypto market. While the doors are open for Bitcoin to set new ATHs, the question remains for when will altcoins begin to pump, and when will altseason begin?
Presently, expectations for a bullish altseason solely depends on how high Bitcoin can manage to pump. Firstly, Bitcoin price will have to reclaim its previous ATH which was set at $73,700. Once this target is met, Bitcoin should then move towards setting a new ATH, which according to one analyst is the likely target of $77,100.
Bitcoin Pump Unhealthy for Altcoin?
With sentiment for a bullish altseason growing every day, traders grow anxious over the lack of activity in altcoins. Why are altcoins not pumping when Bitcoin seems to be moving to new ATHs? A popular and reputed analyst, Miles Deutscher explains the importance of the current Bitcoin activity for a greater altseason ahead.
Bitcoin Dominance Will Result in Stronger Altseason Ahead
As we can see from the post above, Deutscher highlights the Bitcoin dominance chart which has been on the uptrend. He says an easy squeeze to up to 64% this pump will lead to a short-term underperformance for altcoins. However, the capital flowing into Bitcoin will ensure an easy liquidity to flow into the altcoin market.
Thus, he surmises that in the long-term, Bitcoin’s dominance will ensure that altseason will occur after a few more months of Bitcoin price pumping. These billions flowing into Bitcoin over this time will eventually seep into altcoins. In conclusion, he marks the current market as a healthy market for a bullish crypto season ahead.
