Is ‘Altseason’ Finally Upon Us? Analyst Anticipates Rapid Increases

Bitcoin’s market dominance has been above 50% for most of its history and it currently stands at 69%. This has caused many to call for an increase in the price of altcoins, thereby initiating another ‘altseason.’

There are several similarities between the relationship of the Bitcoin price and altcoin dominance during the previous altseason and the current movement. This makes us believe that another altseason might soon begin.

Crypto trader @cryptowolf also made the suggestion in a tweet from earlier.

Are you ready for altseason ? pic.twitter.com/EtZYP759gH

— Wolf 🐺 (@IamCryptoWolf) November 7, 2019

The prediction comes from the relationship of the Bitcoin price and altcoin dominance. More specifically, two areas are outlined, which he believes indicate similar points in the cycle.

Let’s analyze both of them closely.

Altseason Comparisons

The periods with the most similarities are Aug-Oct 2015, and Apr-July 2019.  During both periods, the Bitcoin price made a rapid increase, combined with a simultaneous capitulation in the altcoin price.

Afterward, the BTC price traded in a range, while altcoins began their rapid increase.

Elsewhere, we have the fact that both lows are occurring inside a significant support area, and the RSI has been oversold both times. Additionally, these are the only two times in which the RSI has been oversold.

Combining this with the similarity in the BTC price movement further points to another altseason possibly just around the corner.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!