Bitcoin All-Time High : Top or Altseason Start ?
Hello everyone, Bitcoin is making new all-time highs, and the whole market is green with strong performances from altcoins. But is this just another fake pump that will fade in the coming weeks? Or are we witnessing the beginning of the long-awaited altseason ? Let’s find out.
Market Situation
These past few days have been highly volatile, with Bitcoin reaching a clear all-time high (ATH) at $122k. Many tokens have outperformed Bitcoin at the same time, including $PENGU, $BONK, and even $ETH !
We’ve also seen major developments like the pre-sale and launch of Pump.fun, which generated significant buzz, and massive hype surrounding $PENGU with rumors of a big collaboration.
All in all, the market is back with bullish news !
What About Altcoins?
That’s all great, but most of us have a good portion of our portfolio in altcoins.
So the question is : Are they going to hit new highs anytime soon ?
Let’s look at some charts that give us insight into the future of altcoins :
🔸 Bitcoin Dominance (BTC.D)
BTC Dominance represents the percentage of Bitcoin’s market cap in the total crypto market. You can analyze it like any other token chart, marking zones and setting targets, it’s quite useful for predicting altcoin trends.
When BTC.D drops :
If BTC is going down → alts tend to lose lessIf BTC is pumping → alts tend to pump harder
In simple terms :
If you hold alts, you’re happy.
If you only hold BTC, maybe not so much.
As seen in the chart, the recent drop in BTC.D was predictable, the RSI was rejected by a historically significant trendline (tested 3 times) on the weekly timeframe.
We’ll need to wait for the weekly close to confirm, but I believe this reversal could mark the start of an altseason.
TOTAL2 : The Altcoins Market Cap
Another great indicator is TOTAL2, which tracks the market cap of all cryptocurrencies excluding Bitcoin.
As you can see, we’re still below the ATH from the 2021 cycle. The real fun begins once we break that level, just like what happened after we broke the ATH from 2018. That means the best is yet to come.
With strong momentum building, I’m bullish for the long term (over the next few months).
Final Thoughts
That’s it from me !
I’m very bullish heading into the summer, and I believe the altseason we’ve all been waiting for is finally coming, and it’s going to surprise a lot of people.
And you? What do you think is going to happen next?
And you what do you think is going to happen ?
As always, thank you for reading !
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Disclaimer: This is not financial advice, you need to do your own research !
Bitcoin All-Time High : Top or Altseason Start ? was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.