Bitcoin Uptrend at Risk as Altcoins Surge, Analyst Warns
Bitcoin (BTC) could be in danger of reversing its recent uptrend, according to analyst Matthew Hyland. In a recent post on X (formerly Twitter), Hyland expressed caution about BTC’s price action.
Bitcoin Dominance Threatens Key Level
While Bitcoin reached new 19-month highs of $44,729, Hyland believes there are ominous signs that the bull run may be in trouble. He points to Bitcoin’s dominance in the overall crypto market cap as evidence.
Hyland stated that if Bitcoin’s dominance breaks and closes below 51.81%, it could mark the end of the uptrend and a likely top. Bitcoin dominance recently hit 55.26% but has since fallen to 53.4%.
Altcoins Experience Intraday Gains
If Bitcoin’s dominance continues to decline, it could trigger a major rally for altcoins, known as “altseason.” Cardano (ADA) and Avalanche (AVAX) have already seen gains of 22% in 24 hours, leading the top ten cryptocurrencies by market cap.
Ether (ETH) is the only major altcoin that has remained relatively stable, with a 12% increase over the past week. ADA and AVAX have been the top performers this week, with gains exceeding 50%.
Hot Take: Altseason Could Be on the Horizon
The drop in Bitcoin dominance has caused excitement among traders, who anticipate a significant altseason. Jacob Canfield, a popular trader, believes that when dominance really starts dropping, we will witness an explosive alt season.
The total altcoin market cap has increased by 2.4% in a single day, with December’s month-to-date gains standing at 18.4%.
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