Speculation is mounting over whether the altcoin season has begun as Bitcoin’s dominance struggles to break its rising wedge. Bitcoin faces resistance around the $60,000 mark, setting the stage for altcoin growth.
Currently, BTC.D sits at 56.91% after failing to breach its rising wedge. This is seen as a bearish signal, potentially peaking or declining Bitcoin’s dominance and opening up opportunities for altcoins.
TOTAL2, which measures the market cap of the top 125 altcoins, has climbed 2% since BTC.D's fall, supporting the altcoin speculation. Analysts like Chris AI and SenseiBR suggest BTC.D's current trajectory is indicating a market sentiment shift, benefiting altcoins.
Despite analysts' views, only 14 of the top 50 altcoins have outperformed Bitcoin recently. Altcoin season requires 75% outperforming Bitcoin over 90 days. TOTAL2 trends within a horizontal channel, indicating balanced pressures.
The altcoin season will fully begin when TOTAL2 breaks above the channel's upper line, confirming stronger momentum and signaling a market shift towards altcoins.
