Egrag Crypto, a well-known market analyst, is forecasting a rather large AltS season following recent developments on the Bitcoin Domination (BTC.D) chart. This latest technical commentary adds to the ongoing list of fairly distinctive and highly anticipated alto season time and fashion speculation.
Altseasons’ mother – Analysts are coming
The nature of the potential alt season in the current market cycle has been a consistent debate over the past few months. Some analysts initially suggested that the Altcoin market had zero driving chances, and some analysts cited the volume increase over the past four years, resisted the concept and promoted the idea of selective coin performance based on community, market capitalization and utility.
From the Egrag Crypto perspective, based on events on BTC.D’s weekly charts, the incoming Altcoin Rally could present a parabolic price rally with huge returns from investors. In viewpoints, AltSeason is the period of Crypto Bull Run, where Altcoins generally record higher price performance than Bitcoin. It is usually indicated by a decline in Bitcoin’s control, i.e. market share in the crypto market.
According to Egrag Crypto, BTC.D has recently fallen below the 21-week index moving average (EMA). Specifically, in the last three instances of this event, Bitcoin’s advantage fell by 47.86%, 42% and 42.17%. On average, these failures resulted in a decrease of approximately 43.34%.
As history repeats itself, Bitcoin’s dominance could drop to around 35%. Interestingly, market experts also note that this target is also consistent with the lower bounds of linear regression channels on a logarithmic scale that enhances the technical outlook. So this setup shows that Altcoins can be very outperformed with what Egrag Crypto calls “the mother of all Altseasons.”
Altcoins are set to surge
In other developments, fellow market analysts at Crypto’s username Titan have tilted Altseseason to start immediately after a recent price move on the monthly chart of Ethereum-to-Bitcoin (ETH/BTC). After a long-term downtrend, ETH/BTC has broken beyond the trend of resistance, indicating a potential change in market momentum. Historically, ETH/BTC breakouts have often preceded strong Altcoin rallies. The relative strength of Ethereum against Bitcoin usually encourages capital turnover into the broader Altcoin market.
With this confirmed breakout, the much-anticipated AltSeason could eventually unfold. At the time of pressing, the total market in the Altcoin market was $1.64 trillion, accounting for 41.6% of the crypto market capitalization.
