Crypto’s buzzing right now, and it’s not just Bitcoin making moves. Altcoins are starting to shake off their slumber, and analysts think we could be seeing the early sparks of an altseason. Some say the charts are lighting up, while others point to key market signals that something big might be coming. It’s like a brewing storm, and the altcoin faithful are all eyes.
Over the past month, Bitcoin’s been on a solid recovery path, but the altcoin crowd is ready to take center stage. ParabolicPump, the loud voice on the X app, posted on Sept. 23 that altcoins are showing serious strength. Popular trader 360Trader noticed that TOTAL3, which is the total crypto market cap minus BTC and ETH, is testing the roof of a falling channel that’s been holding it down since March. If it busts through, the bears might be in deep trouble.
Bitcoin Dominance Slides as Altcoins Heat Up
Bitcoin dominance? Yeah, it’s slipping. It’s currently at 57.39%, down 1.09% in the last week, according to data from Cointelegraph Markets Pro and TradingView. Traders are keeping a sharp eye on this number because when Bitcoin starts losing dominance, it usually means it’s time to start rotating those funds into altcoins. It’s a classic move during any bull run — BTC takes a backseat, and altcoins take off. Some analysts think we’re nearing that point.
NebraskaGooner, another well-known name, thinks the recent rise in Bitcoin dominance to 58.61% might’ve been the top for this cycle. He’s seeing bearish signals in the RSI, suggesting that Bitcoin’s market structure could be weakening. If that holds true, altcoins could be in for a major breakout.
Altcoin Season or Not Yet? Charts Are Mixed
But hold up. It’s not all confirmed yet. The Altcoin Season Index over at Blockchain Center says we’re not there yet. For a full-blown altseason, 75% of the top 50 coins need to outperform Bitcoin in the last 90 days, and right now, only 39% have done that. So, while the signs are promising, we’re not officially in altseason territory.
However, analysts like Moustache are still optimistic. He’s looking at TOTAL2 — the altcoin market without Bitcoin — and sees a breakout from a broadening wedge that’s been forming for months. With the RSI showing strength and an impending bullish cross on the MACD, he thinks a massive candle is on the way, something we haven’t seen in years.
The data’s saying it might be too early, but traders are loading up their altcoin bags anyway. Everyone’s gearing up, and with Bitcoin’s dominance on shaky ground, the altcoin bulls are waiting for their moment.