Bitcoin Dominance Hit 600 Days as Altcoin Eyes Breakthrough

Bitcoin dominance has surpassed 600 days as market observers hint at altcoin revival.

The largest cryptocurrency, Bitcoin (BTC), has seen its dominance rise for over 600 days, which observers say is a sign of solid market control. Analysts also predict that this could trigger the beginning of an altcoin season.

Bitcoin’s Price Struggles

Recently, the price of BTC has ranged between $59,190 and $61,947. It has made multiple attempts to overcome the crucial $65,000 resistance level, but it has failed, leaving many to speculate about the asset’s next move.

BTC’s market dominance over the past 600 days demonstrates its resilience and investor confidence. On the other hand, altcoins have been in a protracted decline for over 150 days. CryptoBusy, a prominent cryptocurrency analyst, highlighted that BTC holds a strong position with a 57.43% market dominance.

Altcoins Performance in a Bitcoin-Dominated Market

Meanwhile, TOTAL3, the collective market capitalization of all altcoins, is presently at $566 billion. These alternative cryptocurrencies have been stuck in a downward trend and have been unable to acquire any real traction for more than 150 days.

Numerous altcoins are now vulnerable as a result of this protracted downturn. However, CryptoBusy noted that a significant decline in Bitcoin’s dominance might open the door for altcoins to stage a comeback and start what many market participants call an “altcoin season.

When this happens, altcoins usually see significant price spikes as investors shift their attention from Bitcoin to the larger cryptocurrency market.

Market Predictions and Potential Altcoin Recovery

Furthermore, another seasoned crypto trader, Captain Faibik, predicts that the market will probably continue its sideways trend for the upcoming few weeks. Then, he forecasts that any altcoin recovery will happen after mid-September.

Faibik anticipates that cryptocurrencies may not only make a comeback but may even surpass their March 2024 highs as the year’s fourth quarter draws near. According to this prediction, the market may stay mostly unchanged in the near term, but as the year goes on, there may be a bigger rebound.

While this trend is encouraging for many investors, a lot will depend on the state of the market as a whole and how Bitcoin’s dominance develops over the next few months.

Assessing Bitcoin’s Next Move

BTC’s next move will be critical in determining the broader cryptocurrency market trajectory. A cryptocurrency analyst claimed BTC will only continue its upward trend if it exhibits a bullish “higher high” on the price chart.

Bitcoin recently fell below $58,000, sparking doubts about whether it can maintain its upward trajectory. Moreover, the analyst stressed how crucial it is that BTC stays above the $57,700 mark.

According to him, the crypto’s next critical support level is approximately $56,000. A collapse beneath this threshold might result in a lower low, undermining the current upward trend of Bitcoin.

Analysts’ Differing Opinions

However, opinions vary on the near-term future of Bitcoin. Some traders think that before Bitcoin’s upward trend resumes, it might need to drop considerably.

Hence, the head of research at 10x Research, Markus Thielen, advised investors to hold off on entering the market until Bitcoin’s price falls into the low $40,000. Conversely, crypto analyst Matthew Hyland pointed out that although there were significant declines in July and August, Bitcoin bounced back to maintain its upward trend.

Therefore, Hyland predicts that Bitcoin’s price movement in September will primarily be flat, with some volatility anticipated during the upcoming US presidential election on November 5. September has historically been the month with the lowest performance for Bitcoin, so traders should exercise caution during this time.

However, previous reports indicate that this September may deviate from the patterns of previous ones. Factors that could contribute to this deviation are a decline in the pressure on miners to sell and the surge in the supply ratio of stablecoins.

The combination of these factors may contribute to maintaining a more stable market environment and averting a large decline in the asset’s price. Moreover, Jelle, another famous cryptocurrency trader, speculated this digital asset might still be headed toward the six-figure milestone soon.

Jelle indicated that a multi-year cup and handle pattern on the Bitcoin price chart suggests that a six-figure trading price is imminent. Jelle is still optimistic that Bitcoin will reach it much more quickly by year’s end.