In recent developments, Bitcoin’s recovery over the past month has catalyzed robust momentum in altcoins, sparking speculation of an impending altcoin season. According to COINOTAG news on September 24, analysts note this shift with keen interest. Market analyst 360Trader highlights that the total crypto market cap (TOTAL3), which excludes Bitcoin and Ethereum, has retested the upper boundary of its descending channel. This crucial level, which has been a resistance point since March, could signal a significant market shift if breached decisively, termed as a potential “fatal blow to the bears” by experts.
Additionally, ParabolicPump commented on the implications for Bitcoin’s market share amidst rising altcoin values, predicting an inevitable breakdown from its ascending wedge. They emphasized that every crypto bull market historically includes a phase where Bitcoin’s dominance notably contracts. These observations underline the volatile dynamics and potential strategic shifts within the cryptocurrency domain, emphasizing the need for vigilant market analysis.