Bitcoin has begun to shed some profits after losing support at around $98,000, which was the key to rising beyond $100K. The BTC price consolidated for a while and rebounded from a threshold back in 2020, which triggered the famous ‘2021 bull run’. Interestingly, Ethereum is at the same juncture, and a breakout from this phase may trigger a massive ETH price rally.
Now that the ETH price is maintaining a healthy ascending consolidation while the star token, Bitcoin, is struggling to keep up the bullish momentum. This could be the signal of the start of a strong altcoin rally, as the Ethereum price is about to be a strong rally. Soon the altcoins are expected to rally, which could make the investors curious about them, causing a strong flow of liquidity onto the platform.
Besdies, the BTC dominance is breaking apart after marking highs above 61%, which shows that the market participants have taken out some profits as 99% of BTC holders were in profit. The liquidity could have flown into the other altcoins, and as a result, the dominance of Bitcoin is breaking down while the altcoin market cap has reached a pivotal range.
The tota market cap, excluding Bitcoin & Ethereum, formed a double bottom pattern and, after reaching the neckline, triggered a breakout and surged by over 1000%. The levels have again formed a similar pattern, while the levels have broken above the neckline after forming a double bottom pattern. Therefore, altcoins seem to be taking over, suggesting altseason could be underway.
Hence, the market participants should be ready for an explosive altseason anytime from now on, which could bring the altcoin market cap close to $5 trillion.
