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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Dominance Could Cause Catastrophic Ending to Current Altcoin Season

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read

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Bitcoin is the first-ever cryptocurrency that all other altcoins were designed after, with many providing additional benefits above and beyond what the original crypto has to offer.

Altcoins have recently been vastly outperforming Bitcoin in what crypto analysts refer to as an “alt season,” but it all may come to a surprise end leading to additional collapse if the strong signal Bitcoin dominance is showing confirms.

Alt Season Already Over if Bitcoin Dominance Breaks Up from Falling Wedge Formation

Because Bitcoin was the first crypto asset to ever be released, it has first-mover advantage and all that comes in tow.

Bitcoin has the most brand recognition, it has the largest market cap, and it is the most widely used cryptocurrency in terms of on-chain transactions.

Related Reading | Alt Season Cancelled: XRP, Ethereum, and Litecoin All Trigger Sell Signal 

Oftentimes, it’s Bitcoin that dictates the greater trend across the crypto market, including each peak and trough in between, while altcoins like Ethereum, Litecoin, and XRP play follow the leader.

Occasionally, altcoins will begin to outperform Bitcoin for an extended period of time in what crypto analysts have dubbed an “alt season.” Since the start of 2020, altcoins have been surging, helping to carry Bitcoin higher from local lows.

The surge in altcoins and a lagging Bitcoin, has caused Bitcoin dominance to drop from highs around 72% to as low as 64% in recent weeks.

But BTC dominance – a metric that weighs Bitcoin against the rest of the altcoins in the crypto market – has formed a falling wedge suggesting that altcoins will experience a deadly drop in the days ahead against Bitcoin. Whether this suggests Bitcoin will explode through $10,000 leaving altcoins in its dust, or if the two crypto classes drop together with altcoins falling even harder – that could cause the rise in BTC dominance – remains to be seen.

bitcoin btc dominance crypto altcoins alt season

 

The falling wedge – typically a bullish structure – is also accompanied by a massive bullish divergence on the MACD. Divergences occur when an indicator’s values move opposite from the price action and can be a powerful signal of what’s to come.

Breaking up from the falling wedge could cause a revisit to highs around 70% dominance. But zooming out, even a rise in BTC dominance may be short-lived before a massive breakdown of dominance happens.

But BTC Dominance Could be Signalling a Bigger Crypto Trend Change on the Horizon

When zooming out on the same Bitcoin dominance chart from daily to weekly timeframes, a very different picture is painted.

btc dominance bitcoin altcoins crypto alt season

BTC dominance can be seen resting on a massive, tw0-year-long trendline dating back to the crypto bubble. During this time, altcoins had exploded following Bitcoin reaching an all-time high. But the bubble popped, and altcoin prices fell by as much as 99% in many cases to their lows.

BTC dominance breaking below the line could cause an all-out alt season that would shock the crypto market.

On the higher timeframe chart, BTC dominance can also be seen with a massive bearish divergence. It’s difficult to say if the bear div was foretelling the recent move down from highs to the diagonal trendline, or if it’s signaling a substantial fall in Bitcoin dominance following a breakdown of the multi-year trendline.

Related Reading | Bitcoin Bull Market Failure: Why A Year-Long Trendline Could Signal Doom 

Lastly, despite the bearish signals, the upward slanting diagonal trendline and the dashed horizontal line appear to be forming an ascending triangle – a powerfully bullish chart pattern that typically breaks upward.

Should Bitcoin dominance break upward from the ascending triangle rather than breaking down from the diagonal trendline, it could spell the end of all altcoins outside of the top ten.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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