Amidst the ongoing consolidation in the crypto market, an analyst with the pseudonym Cryptododo7 has observed certain developments with the Bitcoin dominance that could spell significant implications.
Bitcoin Dominance Climbs Higher As Altcoins Prepare For Takeoff
In a recent X post, dated March 21, Cryptododo7 shared a technical analysis on the Bitcoin Dominance chart hinting at a possible altseason. The crypto analyst noted that Bitcoin Dominance may be poised for a sustained uptrend following a breakout and successful retest of a bullish pennant formation at the 61.25% level.
Typically, a bullish pennant forms after a strong upward price movement, as evidenced in early 2025. This price surge, known as the flagpole, is followed by a consolidation phase where price movements create higher lows and lower highs, forming a symmetrical triangle, or the pennant.
With a successful breakout and retest of the bullish pennant, Bitcoin Dominance has confirmed expectations of a major surge. Cryptododo7 predicts a potential target of 67.51%. However, the analyst cautions that this rise may not signal a market-wide rally, as Bitcoin Dominance could surge alongside a decline in both Bitcoin and altcoins’ prices.
Despite this, the projected dominance peak of 67.51% could represent the apex of Bitcoin Dominance in this bear market, indicating a potential altseason on the horizon. An altseason, which is a significant period in the crypto market cycle, is defined by altcoins outperforming Bitcoin—a trend usually marked by a decline in Bitcoin Dominance.
While some analysts have expressed skepticism regarding an altseason in the current cycle, citing the immense growth in altcoin numbers over the past four years, others, including Cryptododo7, remain optimistic. They anticipate that an altseason is likely to follow Bitcoin Dominance’s surge to 67.51%. During this period, altcoins are expected to attract massive capital inflows, potentially reaching $627 billion.
MACD Curl Hints At Possible Reversal – More Positives For The Altseason?
In further developments, reports from the X platform MoreCryptoOnline indicate that the Weekly MACD (Moving Average Convergence Divergence) for the total crypto market cap (excluding the top 10 coins) is beginning to curl upwards. This suggests a potential bullish shift in the altcoin market.
The MACD is a widely utilized momentum indicator that aids in identifying potential trend reversals. While this signal hints at a possible shift, it remains an early-stage confirmation of the expected altseason.
Currently, the total crypto market capitalization stands at $2.76 trillion, with Bitcoin accounting for $1.67 trillion of this value. In the meantime, the CoinMarketCap Altseason Index is at 21, indicating that an altcoin boom is not yet imminent.
