The cryptocurrency community anticipates the next altcoin bullish cycle. To help predict when this coveted moment could start, MarketIndexTrader, an analyst on TradingView, offers insights into factors that could propel the arrival of the much-awaited 2024 altcoin season based on Bitcoin’s dominance chart.
In a TradingView post, MarketIndexTrader writes, “When will the altcoin season come in 2024? Let’s prepare for this cycle’s huge altcoin bullish market. Right now, I will share my personal experience to know when the altcoin season will come in 2024.”
Doge2014 raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Drawing from past market cycles in 2016 and 2019, the analyst emphasizes the importance of monitoring the Bitcoin Dominance Chart, which tracks Bitcoin’s market share relative to other cryptocurrencies. “Based on the 2016 and 2019 cycle, I know the important signs based on the BITCOIN DOMINATION CHART. Every time the BITCOIN DOMINANCE CHART make peak, this index will decrease, then the proportion of the entire altcoin market will increase.”
Historically, when Bitcoin’s dominance reaches a peak, it has signaled the beginning of a shift in market dynamics, with altcoins gaining traction and increasing their collective market share relative to the leading cryptocurrency.
Read Also: $52 Million in Render Tokens on the Move as RNDR Gears Up for 30%+ Price Rally
According to MarketIndexTrader, the current market conditions may be indicative of an imminent altcoin season. “I see the pint is out of the channel, the signal is more clear,” the analyst states, suggesting that Bitcoin’s dominance chart may have formed a specific pattern, potentially signaling the start of an altcoin rally.
In anticipation of the next altcoin season, traders and investors should be closely monitoring Bitcoin’s dominance chart and other indicators for signs of a potential shift in market dynamics.
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
