The altcoins have gained extreme strength in recent times as the rise in the Bitcoin price has caused a remarkable shift in market sentiment. Now that the star crypto has chosen to hover within a narrow range, the possibility of altcoins making a large move emerges. Besides, the BTC dominance is also losing its grip, which suggests a strong Altseason may be close enough to get started.
The dominance in the long term is testing the crucial levels, which suggests the levels are facing massive upward pressure. After facing rejection two consecutive times in history, the dominance levels are closer to recording yet another one. If the levels validate a fresh rejection from the diagonal resistance, it may lead to a drop in the lower support of close to 40%. Here is the probability of triggering a fresh Altseason 2.0 soon:
The dominance in the long term is testing the diagonal support and also facing rejection from the upper resistance of the rising wedge. Two bearish signals have been flashing that suggest the dominance may soon test the interim support around 51%. Failing to hold here may lead to an extended pullback below 50%, close to 49%, or even 48%. This may compel the market participants to make a shift to altcoins and eventually trigger a fine altseason.
Besides, the altcoin market capitalization is closer to accomplishing a fine consolidation zone that may even include a couple of pullbacks. These setbacks can be considered a good buying opportunity and could be the last chance to buy altcoins at these levels. Therefore, one of the popular analysts, anonymously known as Captain Faibik, advises his 73.2K followers to buy and hold altcoins with patience, as AltSeason 2.0 could be triggered in Q1 2024.
