As the crypto market continues to show signs of a pending altseason, experts such as EGRAG Crypto and Michaël Van de Poppe are weighing in on the potential growth of altcoins and the impact on Bitcoin dominance. EGRAG Crypto predicts a significant influx of $627 billion into altcoins as Bitcoin’s dominance is expected to decrease by 33% in the coming weeks. The analyst used Volume Range Visible Profile (VRVP) analysis tool to identify key support and resistance levels for Bitcoin dominance, highlighting the Value Area Low (VAL) as a crucial target level for altcoins in this altseason.
In addition to EGRAG Crypto’s insights, analyst Michaël Van de Poppe emphasizes the importance of Ethereum in driving the altseason charge. Van de Poppe notes that if Ethereum (ETH) closes above 0.035 on the ETH/BTC chart for November, it could signal a bullish period for altcoins in December. With the altcoin market currently valued at $1.39 trillion and representing 41.4% of the total crypto market cap, Ethereum’s performance could play a crucial role in the upcoming price movements of altcoins.
The altseason, a period where altcoins outperform Bitcoin in terms of price appreciation, is characterized by a decline in Bitcoin’s market share as capital flows into other cryptocurrencies. As Bitcoin’s dominance closes below its Value Area High (VAH), EGRAG Crypto suggests a weakening of Bitcoin’s dominance over other assets, potentially creating a more favorable environment for altcoins to thrive. The Value Area Low (VAL) is identified as a key support level that could serve as a target for Bitcoin dominance during this altseason.
EGRAG Crypto’s analysis also indicates a Point of Control (POC) target of 42% for Bitcoin dominance in the altseason. The POC represents a pivotal price/dominance level with the highest trading volume, and a decline below this level could signify a shift in market interest from Bitcoin to other cryptocurrencies. With these insights and predictions, the market is gearing up for a potential surge in altcoin prices and increased market activity as the altseason gains momentum.
As investors and traders keep a close eye on the altcoin market and Bitcoin dominance levels, the anticipation for a major price explosion in the coming weeks continues to grow. With analysts like EGRAG Crypto and Michaël Van de Poppe providing valuable insights and predictions, the crypto community is preparing for what could be a significant shift in market dynamics as altcoins take center stage in the upcoming altseason. With Ethereum’s performance and Bitcoin dominance levels in focus, market participants are poised to capitalize on potential opportunities and navigate the evolving landscape of the cryptocurrency market.
