Bitcoin Dominance Holds Downtrend, Altseason Setup Clear as ETH and XRP Lead the Charge
- Bitcoin Dominance holds downtrend, allowing altcoins a path to dominate.
- Altseason setup clear as ETH and XRP lead the charge for a bullish altcoin market pump.
- ETH price could bounce back in the next two days.
The crypto market gears up to welcome a bullish altseason in the coming days ahead. This expectation grows strong as Bitcoin Dominance holds downtrend. Analysts believe that the altseason peak phase is near and that the altseason pump setup is clear. With ETH and XRP leading the charge, analysts predict the price of ETH will bounce back in the next couple of days, while the price of BTC may drop heavily.
Bitcoin Dominance Holds Downtrend
A reputed crypto analyst believes the altseason setup is clear as popular altcoins like Ethereum (ETH) and Ripple’s XRP lead the charge. To highlight, the analyst talks about how Bitcoin Dominance has been steadily falling and moving in a downtrend. Specifically, he says that Bitcoin Dominance has been holding down and is currently in a weekly downtrend. To highlight, he says this factor has been down for the past 12 weeks, a good sign for altcoins.
As he explains in the post above, he says that as long as Bitcoin continues to trend up, and especially the next time BTC breaks its parallel high around the $120,000 price range, this is where altcoins will start to be exciting once again. Also, the fact that Bitcoin Dominance has not been retracing its previous gains is a bullish sign for altcoins. What will be the trigger for altseason is when Bitcoin Dominance remains in a downtrend even as BTC price corrects.
Next, the analyst goes on to state that this move is due to the strength of ETH and other large-cap altcoins. He then compares the ETH and BTC price charts and highlights how ETH has been steadily outperforming BTC for weeks, marking how when BTC dropped, ETH did not drop as much. This is an event that marks altseason as it is a move that only occurs in the altseason phase of a bull run.
The analyst then goes on to share his confidence in altcoins for the coming months ahead. He says holding a strong altcoin in the large-cap category, promising gains should lie ahead. He also mentions that BTC will correct and bounce back, allowing altcoins to bounce back faster. All in all, the analyst remains bullish despite certain FUD and heavy correction sentiments and expectations from other analysts.
Altseason Setup Clear as ETH Prepares for Bounce Back
According to several analysts, ETH, XRP, and ADA may be the legacy large-cap altcoins that will lead the highly anticipated altseason peak phase. As we can see from the post above, ETH continues to pump strongly in an upward trend, and the analyst goes on to confirm his expectations for a nice ETH price bounce in the next day or the day after. Can ETH enter $5,000 ATH price discovery range before Q4?
