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Highlights
- Real Vision's CEO Raoul Pal stated that there are daily, weekly, and monthly DeMark tops on the Bitcoin dominance chart.
- Based on this indicator, the expert opined that BTC's dominance has topped.
- Pal predicts that the next phase of the banana zone, which is the altseason, should begin soon.
Market expert and CEO of Real Vision, Raoul Pal, has drawn the crypto community’s attention to a rare signal that just flashed on the Bitcoin dominance chart. Amid this development, crypto analyst Teddy has indicated that altcoin season may be on the horizon, with other coins besides BTC enjoying a significant run during this period.
Expert Predicts Bitcoin Dominance Has Topped
In an X post, Raoul Pal opined that Bitcoin dominance has topped. He revealed that there are daily, weekly, and monthly DeMark tops in place, and the top is well above the 2021 top, which was below the 2017 top.
He added that if that plays out, it will be the hallmark of the next phase of the Banana Zone. This next phase of the banana zone is the altseason, which typically occurs while Bitcoin undergoes its correction phase.
During his appearance at the Sui Basecamp in Dubai, he stated that they have forward-looking data showing that altseason is around the corner. Specifically, he noted that this period begins when the Bitcoin price starts to break all-time highs (ATHs).
Crypto analyst Rekt Capital also commented on the BTC dominance, noting that it is currently on the decline and retesting the 64% level as new support. He remarked that history suggests this could be a volatile retest, and the longer the wick, the better the altcoin window.
The Incoming Mega Dump That Will Usher In Altseason
Crypto analyst Egrag Crypto asserted that the chart signals market participants are about to witness the “greatest drop” in the Bitcoin dominance. He added that this move would be huge and usher in the altseason, where he predicted that investors would make a lot of profits.
Crypto analyst Teddy also indicated that the altcoin season was around the corner. In an X post, he stated that the altcoin market cap hasn’t looked this bullish in many months. In line with this, the analyst declared that the “party” in reference to altseason looks about to begin.
The Ethereum price is known to play a huge role in ushering in this altcoin season, and ETH has been on a roll this week, further strengthening the case for an imminent altseason. Rekt Capital revealed that Ethereum’s dominance has surged by over 2% since dropping to new all-time lows last month.
The analyst added that, on this move up, ETHDOM has played out the full extent of its September 2019 upside. However, he noted that ETH would need to breach the 9.05% for an even greater move.
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