The wider cryptocurrency sector is going through a substantial shift, specifically in terms of Bitcoin ($BTC) dominance. As per Gert van Lagen, Bitcoin is witnessing a breakdown from the rising wedge price pattern spanning over 2.5 years, indicating the potential beginning of the latest altcoin season. The well-known crypto analyst took to social media to share insights into the journey toward the exclusive altcoin season.
Bitcoin’s Records Breakdown in Dominance Amid Speculation of Broader Altcoin Season
Lagen sees the latest shift in the Bitcoin’s dominance as a sign of the wider market dynamics change. In this respect, the analyst has also pointed toward key technical factors that support the broader momentum spin. Particularly, during the present market cycle of Bitcoin’s ($BTC), it saw its 1st price top in a noteworthy Fibonacci resistance region. This suggests a critical price turning point. Following that, a downtrend breakout took place, highlighting a momentum shift away from the market dominance.
Hence, the respective bearish divergence existing between the 1st and the actual price top crucial. This development reportedly denotes the waning strength of the top crypto asset. Apart from that, the Relative Strength Index also complements the respective market movement. Specifically, the RSI indicator’s position confirms the drop in the momentum surrounding Bitcoin. This clarifies that Bitcoin ($BTC) is gradually losing control of the crypto market.
Prominent Altcoins Witness Notable Gains
According to Gert van Lagen, the ongoing Bitcoin ($BTC) downtrend is the signal that the altcoin season is beginning. Such a development could lead to lucrative opportunities for the altcoin enthusiasts. In line with the historical data, the drop in Bitcoin dominance signifies the commencement of the altcoin season. At the moment, Ethereum ($ETH) and Solana ($SOL) are among the key altcoins getting considerable gains. Hence, market onlookers anticipate a wide-ranging altseason in near term.
