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Believe It Or Not, Bitcoin Maxis, Altcoin Season Might Not Have Yet Begun

Tony Spilotro by Tony Spilotro
11 months ago
in BTC
Reading Time: 3 mins read
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Because Bitcoin is the first ever cryptocurrency, it often has a cult-like following of investors who won’t touch an altcoin no matter the potential ROI or promise behind the technology. But the recent alt season has investors in profit from the bull run converting BTC into other coins in search of better performance.

After such an incredible run by assets like Ethereum, Cardano, Solana, Dogecoin, and several others, and the fact Bitcoin is building momentum, the expectation is now that BTC dominance will soon reverse, and altcoins will see some reckoning as a result. However, according to the Relative Strength Index on monthly BTC.D charts, altcoin season might not yet have even started.

Bitcoin Dominance Takes A Hit, But The Fall Might Just Have Begun

An altcoin season is defined as a period of time when alts outperform Bitcoin by a large margin. The top cryptocurrency’s 200% returns of 2021 are shocking by normal standards, by compared to the run that Dogecoin, Solana, or Cardano have had since the year began, it is a meager milestone at best.

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Related Reading | Bitcoin Golden Cross: Everything You Need To Know About The Bullish Signal

Most cryptocurrencies have been beating Bitcoin in both USD growth and on the BTC ratio. Such altcoins are often trending, shooting up in price after a listing or sometimes for no reason at all. All signs point to an altcoin season that has already produced life-changing results.

Except the real altcoin season of this cycle might not yet have even truly started, if the Relative Strength Index is any indication.

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bitcoin altcoin season

Losing this support level could send altcoins into overdrive | Source: BTC.D on TradingView.com

The Level To Watch For The Altcoin Season Finale

Examining the chart above, BTC dominance has yet to reach oversold conditions on the monthly timeframe. Bitcoin itself rising above a reading of 70 on the RSI sent the cryptocurrency into the bullish impulse that took it to $65,000. Falling below 30 is the opposite signal.

During the last cycle, dominance briefly dipped into oversold territory, but didn’t truly go bonkers until the second half of 2017. Altcoin season stayed active full steam until early-to-mid-2018, when the bear market began and Bitcoin became the better store of value.

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Altcoins then fell by 95% or more in most cases, with Bitcoin only dropping by around 84% in contrast. The metric then bounced by more than 100% from 35% to 72% dominance in favor of Bitcoin at the very top.

Related Reading | Ethereum “Accumulation” Nears Liftoff Phase: What This Could Mean For BTC

Currently, dominance is hanging around the 41% level, which was the second in a series of peaks marking the double bottom pattern that ended altcoin season the last time. Blasting through it, should send the monthly RSI into overdrive, and ring in the true altcoin season where unimaginable wealth is made.

Other signals that the storm has yet to arrive, is the Bollinger Bands only recently starting to turn down and expand compared to the last cycle, along with the LMACD barely having turned bearish by comparison.

What if I told you, altcoin season might not have even started yet? And what would this mean for #Bitcoin? pic.twitter.com/oUXulufJ4e

— Tony "The Bull" Spilotro (@tonyspilotroBTC) September 16, 2021

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: altcoinsbitcoinbtcbtc.dbtcusdBTCUSDTcrypto
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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