The post Invalidation Level on $BTC.Dominance Hints The Start of Altcoin Season, Says Top Crypto Analyst appeared first on Coinpedia Fintech News
Renowned crypto analyst Tony “The Bull” Severino has sparked conversation in the crypto community by sharing his thoughts on Bitcoin dominance. Despite Bitcoin’s dominance hitting new highs, Severino suggests the beginning of an Altcoin season, presenting alternative opportunities in the market.
Shift in Market Dynamics
Severino’s analysis delves into the surge in Bitcoin dominance, hinting at a possible wave 4 invalidation. This observation opens doors for investors to explore diverse market avenues. However, Severino maintains an optimistic outlook, emphasizing the significance of key thresholds in interpreting market sentiment.
Highlighting the critical threshold of 57.30%, Severino underlines its importance in assessing potential market shifts. As long as Bitcoin dominance remains below this level, the projected outcome remains unchanged, according to Severino.
Severino’s analysis combines sentiment analysis and Elliott Wave patterns, widely respected techniques in technical analysis. By employing these methods, Severino gauges market sentiment and identifies potential price movements in cryptocurrencies
Altcoin Overtaking BTC.Dominance
Further in a tweet, Severino mentioned that Bitcoin dominance is getting close to a level he calls the “invalidation level.” Looking at the chart he shared, a recent uptick in Bitcoin dominance, reaching 55.60%, indicating Bitcoin’s strengthening position in the market.
Severino also suggests that if Bitcoin’s dominance drops below a certain point, around 36.60%, it could mean that altcoins are taking over the market. This would bring new opportunities and challenges for investors to consider.
