A well-liked analyst and dealer says he’s carefully watching a crypto index that he believes will sign the beginning of the following altcoin season.
The pseudonymous dealer, identified within the business as Credible Crypto, tells his 223,100 Twitter followers that the Bitcoin Dominance Index (BTC DOM) is poised for a aid rally, which could supply good alternatives for altcoin merchants.
“Throughout our final bull run, there have been a number of cases the place BTC Dom spiked for some aid on its approach down.
I nonetheless totally count on new [all-time lows] on BTC Dom earlier than this bull run is over. Eyes on alts if/when BTC Dom hits 50-55%. That may probs be the BEST time to load up on alts.”
Merchants depend on the Bitcoin Dominance Index to get a way of Bitcoin’s worth relative to the worth of the broader cryptocurrency market. A rising BTC DOM is a straightforward option to see when Bitcoin’s worth is rising sooner than the remainder of the crypto markets, and vice versa.
Credible Crypto says that the BTC DOM aid rally might mark the underside for altcoins and the beginning of a brand new altcoin season, as he expects the index to proceed its downtrend.
In step with his prediction, the crypto dealer provides that he expects altcoins to rally within the midterm earlier than pulling off one remaining surge within the subsequent six months. Between the 2 rallies, Credible Crypto says that he sees altcoins buying and selling inside a variety.
“Probs a sideways consolidation. However since these are alts, that could possibly be a good 20-40% vary from the highs even.”
As for Bitcoin, the crypto strategist believes that the most important cryptocurrency is gearing up for the following part of its bull market.
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