A widely followed crypto analyst is identifying what needs to happen for the next altcoin season to ignite.
In a new thread, crypto strategist Rekt Capital tells his 543,1000 followers on the social media platform X that altcoin season will start once Bitcoin’s (BTC) Dominance level, or its percentage of the total market capitalization of the sector, starts to fall.
According to the trader, the crypto king’s dominance level should start dropping sometime next year after it reaches 71%, though no specific date was mentioned.
“‘Will there ever be another Altseason?’ Yes, the next time BTC Dominance collapses, which is likely going to start from ~71%.”
Rekt Capital goes on to note that Bitcoin dominance levels have drastically changed compared to the last cycle, and that its monthly Relative Strength Index (RSI) – a technical indicator that signals when an asset’s momentum is due to reverse course – is the highest it’s ever been.
“Bitcoin Dominance Monthly RSI is on the cusp of reaching new all-time high levels after successfully retesting November 2024 RSI (green) as support…
The Monthly RSI 60 (green) represented the peak for Bitcoin Dominance in August 2019 and December 2020. In previous cycles, monthly RSI 60 was the ceiling. In this cycle, monthly RSI 60 is the floor.”
At time of writing, the flagship digital asset is trading for $83,052, a 1.88% decrease from the previous 24 hours.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Featured Image: Shutterstock/Comdas/INelson
Read the full article here
Follow us on Google News to get the latest Updates
