Bitcoin recently attempted to break the $100K mark but retreated. Attention is shifting to altcoins as the Altcoin Season Index (ASI) surges.
Current State of the Cryptocurrency Market
Bitcoin's recent attempt to reach the $100K mark faltered, with prices retracting to the $90K range. Despite this, the interest in altcoins is growing as the Altcoin Season Index (ASI) shows an uptick.
Key Indicators for Altcoins
Analysts are focusing on three critical indicators to time an altcoin rally: Bitcoin dominance, Ethereum's performance against Bitcoin, and the total market cap of altcoins excluding Bitcoin. Bitcoin dominance remains pivotal in guiding the market's direction. Current indicators suggest potential for reduced dominance, opening opportunities for altcoins.
Outlook for Altcoins in the Near Future
Ethereum is showing strength against Bitcoin. If ETH can break through resistance at 0.038 and reclaim 0.0415, it may ignite an altcoin rally. Increasing volume is also creating favorable conditions for potential growth.
Key charts signal the increasing likelihood of an altcoin rally. However, traders should exercise caution and wait for confirmation from multiple indicators, which could help navigate the upcoming alt season profitably.
