Ki Young Ju Predicts Altcoin Season as Bitcoin Dominance Hits 3-Year Highs
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With Bitcoin's dominance hitting a three-year peak at 56%, many analysts foresee a possible altcoin season on the horizon. This dominance indicates a significant market shift, despite Bitcoin's value dropping below $63,600.
Experts argue that Bitcoin's dominance is crucial in predicting altcoin trends. If Bitcoin's dominance declines while its price remains stable, it could mean that investments are flowing into altcoins, sparking an "altcoin season."
Conversely, a simultaneous drop in both Bitcoin’s price and dominance, typically indicates a broader market correction rather than an altcoin boom.
Ki Young Ju, founder of CryptoQuant, highlighted increased activities by crypto whales preparing for an altcoin rally. He noted that limit buy orders for altcoins, excluding Bitcoin and Ethereum, are rising, indicating strong buy walls.
Additionally, Ju’s analysis of cumulative buy/sell volume suggests significant accumulation activities for altcoins like Solana (SOL), Cosmos (ATOM), and Polygon (MATIC).
This sentiment is supported by trends in recent crypto financial products. Analysts suggest the current market conditions are ripe for an altcoin season, as many altcoins are down 60-80% and are now in a good buy zone.
Despite some skepticism, the overall sentiment remains optimistic, with predictions of continued altcoin rallies following re-accumulation consolidations.
However, not all experts agree. Brian Quinlivan of Santiment notes a lack of enthusiasm for an altcoin season due to recent dips in prices, indicating a more cautious outlook.
Fuente: beincrypto.com ↗
