Altcoins waiting on Bitcoin – crypto market ready to explode

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As a seasoned crypto investor with years of market fluctuations under my belt, I can confidently say that the current state of the market is reminiscent of a high-stakes poker game. Bitcoin ($BTC) is the ace up everyone’s sleeve, poised to break the $100,000 barrier any day now. But while the world watches Bitcoin with bated breath, the altcoins are like the wild cards, ready to outplay the king if given the chance.

While everyone eagerly anticipates Bitcoin ($BTC) hitting the significant milestone of $100,000, other cryptocurrencies (altcoins) are vying for attention, poised to surge forward should Bitcoin momentarily stabilize and move laterally for a while.

Altcoins primed and ready

The current Bitcoin price (BTC/USD) is approximately $2,000 short of reaching the $100,000 mark. It seems highly likely that it will reach this milestone, but keep in mind that the market can always introduce unexpected obstacles if there are opportunities for profit.

As Bitcoin attempts to reach new heights, everyone will keenly watch its advancement. However, some investors and traders may have already set themselves up in alternative cryptocurrencies, waiting for a possible surge within this sector of the market.

Bitcoin Dominance chart needs to be watched closely

After making that point, let’s admit that as of now, Bitcoin continues to hold its crown as the dominant cryptocurrency, with the Bitcoin Dominance chart indicating a clear advantage for it. In fact, the dominance has recently surpassed the upper boundary of an upward-sloping channel that’s been active since June 2023.

To put it simply, if you examine the weekly Bitcoin chart and look back, the current Bitcoin Dominance is currently facing a significant horizontal barrier. This level could be crucial, especially for those who support altcoins. So, it’s essential to closely watch this chart.

Total2 breakout could presage an imminent start to altcoin season 

Despite the ongoing dominance of Bitcoin ($BTC), the overall cryptocurrency market capitalization (excluding $BTC) presents an enticing opportunity for altcoin holders. Notably, it has just breached a significantly long-standing descending trendline, and more recently, it’s been moving within an ascending triangle pattern. This triangle appears to have shattered to the upside on Thursday.

If the upper boundary of the rising triangle is surpassed by the total market value of altcoins, it may indicate that the bullish trend is strengthening further, suggesting potential for significant additional growth.

Bitcoin’s next movements are key

From a crypto investor’s perspective, the future of altcoins hinges significantly on Bitcoin’s performance in the coming days. If Bitcoin manages to hit $100,000, it could either continue its rise, face rejection, or begin consolidating. Among these possibilities, the preferred outcome for altcoin traders seems to be the latter – a period of consolidation, offering a potential breather before further price action.

In such a scenario, numerous traders might consider shifting some of their Bitcoin profits towards the highest-performing alternative cryptocurrencies. While we’re not quite at the point of an altcoin season just yet, this development could potentially mark its onset. Remember to trade cautiously.

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2024-11-21 16:11