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Bitcoin market share is shrinking - is an altcoin season coming soon?



The Bitcoin dominance (the market share of Bitcoin on cryptographic Mark) approaches the low for the year and could soon fall to an all-time low. The Bitcoin dominance can be used to predict the performance of Altcoins. If bitcoin dominance falls, more capital flows into altcoins. Therefore, an altcoin season could be imminent as long as the crypto market remains stable.


The Bitcoin Dominance Rate (BTCD) has been falling since October 20, 2021. On this day, Bitcoin dominance peaked at 47.72%. At this point, the BTCD graph was following an ascending support line that had been intact since early September. On November 7, 2021, the BTCD then ricocheted off this line (green arrow).


However, Bitcoin dominance broke below the support line on November 19, 2021 and validated it as resistance the next day (red arrow). At the same time, the RSI and MACD signaled that the BTCD will continue to fall. The RSI, a momentum indicator, has fallen below the 50 line (red circle). This suggests that the trend is bearish. The last time the RSI fell below the midline, it was followed by a sharp downward move.


The MACD is also falling. In addition, this is in the negative area. This means that the short-term trend is moving more slowly than the long-term and the long-term is falling faster. So the technical indicators are giving us bearish signals. The next area of ​​support is at 39.80% (the most recent annual low).


Will Bitcoin dominance hit a new all-time low?


The crypto trader @ robw00ds posted an inverted Bitcoin dominance chart suggesting the BTCD could hit a new all-time low.


Our analysis of the weekly chart also suggests that the BTCD will fall to a new all-time low.


Before the rebound, which took place between September and October, there was already a bullish divergence on the RSI (the blue line). Such a divergence can usually be observed before a trend reversal. However, this was followed by a hidden bearish divergence that broke the bullish divergence. Also, the RSI, a momentum indicator, has fallen below 50. That's another clue that the trend is bearish. The MACD is also in negative territory.



Apart from the support area mentioned at the beginning and the all-time low, there are no other support levels for Bitcoin dominance. The BTCD could soon be in free fall.


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