Credible Crypto: One Signal Predicts the Start of the Next Altseason
Credible Crypto, a widely-followed crypto trader and analyst, is closely following a crypto index that he believes will signal the start of the next altcoin season.
The pseudonymous analyst, shares with his 223K followers on Twitter that the Bitcoin Dominance Index (BTC DOM) is ripe for a relief rally, which might offer good opportunities for altcoin traders.
“During our last bull run, there were multiple instances where BTC Dom spiked for some relief on its way down.I still fully expect new [all-time lows] on BTC Dom before this bull run is over. Eyes on alts if/when BTC Dom hits 50-55%. That will probs be the BEST time to load up on alts.”
During our last bull run, there were multiple instances where BTC Dom spiked for some relief on its way down. I still fully expect new ATL on BTC Dom before this bull run is over. Eyes on alts if/when BTC Dom hits 50-55%. That will probs be the BEST time to load up on alts. $BTChttps://t.co/lAwyOSnNjDpic.twitter.com/RsfpHqEFPO
Crypto traders use the Bitcoin Dominance Index to understand Bitcoin’s value relative to the value of the wider cryptocurrency market. BTC DOM going up gives an indication when BTC’s value is growing faster than the rest of the crypto markets, and vice versa.
According to Credible Crypto the BTC DOM relief rally could mark the bottom for altcoins and the start of a new altcoin season, as he expects the index to continue its downtrend.
In addition, the analyst adds that he expects altcoins to rally in the midterm before pulling off one final surge in the next six months. Between the two rallies, the trader sees altcoins trading within a wide range.
“Probs a sideways consolidation. But since these are alts, that could be a decent 20-40% range from the highs even.”
Regarding Bitcoin, Credible Crypto believes that the number one cryptocurrency by market cap is gearing up for the next phase of its bull market.
