Bitcoin smashing through $12,000 gave the cryptocurrency enough momentum and energy to take out $13,000 and revisit last year’s highs. But while it did so, it caused altcoins like Ethereum, Chainlink, and dozens more to bleed out relative to BTC.
Remember The Once In A Lifetime Altcoin
Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.
‘ href=”https://www.newsbtc.com/dictionary/altcoin/”>altcoin season.
TA roadmap shows path to peak in dominance before altcoin season returns | Source: BTC.D on TradingView.com
Related Reading | Crypto Analyst: Altcoins To “Tank” While Bitcoin Runs For All-Time High
Another 30% rally from the middle Bollinger Band that could result from a two-week close above the key level, would take BTC dominance to as high as 85%, coinciding with technical analysis resistance and support levels, as well as retesting a rising wedge pattern and forming the head on yet another reversal pattern.
Combining TA with the technical indicator paints a bearish picture for altcoins | Source: BTC.D on TradingView.com