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.”
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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.
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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.
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