A crypto analyst said Bitcoin’s dominance chart has “looked bearish for weeks” and altcoin season could be on the horizon.
The recent volatility in Bitcoin’s dominance could be a signal that altcoin season is approaching sooner than many traders expect, according to a crypto analyst.
“The reason why you should have confidence in the altcoin price action is because the BTC Dominance chart looks bearish and has looked bearish for many weeks,” crypto analyst Matthew Hyland said in an X post on Friday.
“The downtrend is favorable to continue; therefore, this relief rally has been a dead cat bounce in a downtrend,” Hyland said. In a separate video on Saturday, Hyland said that the recent volatility in Bitcoin’s (BTC) price may have been orchestrated by traditional finance giants.
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