- Bitcoin reached an all-time high of $109K, but a full Altseason is still awaited.
- Bitcoin dominance remains near its cycle peak, preventing capital flow into altcoins.
- A breakout above the BTC.D pattern could push dominance to 64%, while a breakdown may trigger an altcoin rally.
Bitcoin (BTC) showed strong performance in this bull cycle, experiencing several ups and downs and hitting its all-time high at $109k. Along with BTC’s surge several altcoins surged significantly and reached new all-time highs but a proper Altseason is pending.
Looking at Bitcoin dominance (BTC.D) near its cycle peak, market watchers awaiting for long-anticipated Altseason. Historically, when Bitcoin dominance fell down it could trigger altcoins surge, now the market waiting for this to happen and let the Altseason’s start.
Bitcoin Dominance Holds the Key
Bitcoin dominance (BTC.D) is currently hovering near its cycle peak, keeping market participants on edge. Historically, when the price of BTC.D drops, it signals the arrival of Altseason, with funds moving into altcoins from Bitcoin. But with the price of BTC.D at its highs, the general altcoin market is quiet, biding its time for the market to shift.
Crypto analyst Crypto Canday explained that BTC.D stands at the crossroads in the form of an ascending triangle. A breakout through the pattern would propel BTC.D to the 64% level, ending Altseason and putting downward pressure on the altcoins. A breakdown below the trendline would see BTC.D fall back to 58.85%, leaving the door open for an Altseason.
Altcoins Await a Catalyst
Despite the anticipation, the BTC.D chart has still not moving for several days, mirroring the flat movement in altcoins. The trendline continues to hold, leaving the market in a wait-and-see mode as they look for a huge move that could start or subdue Altseason.
For now, the crypto market remains at a crossroads, with BTC’s dominance standing as the key point of where altcoins will finally get their long-awaited season and be in the spotlight.
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