Altseason is Coming- Bitcoin Dominance Hit 6-Month low
Bitcoin is now trading in a narrow corridor after the sudden dump of 10%. Bitcoin is able to hold the $9300-$9400 support zones and now is aiming for the $10,000 resistance.
The major resistance for Bitcoin is $10,500 that was tested a week before and Bitcoin dumped $1000 from that resistance in a matter of seconds.
Crypto traders belives that Bitcoin is still bullish and this is just a healthy correction for the market. Historically 2020 is the best year for Bitcoin in terms of trading volume in the first quarter. Bitcoin has gained more than 35% since the starting of 2020.
Many analysts say that the biggest bitcoin bull run has started and Fundstrat’s Tom Lee said that Bitcoin will give 197% return in the next 6 months. The most awaited event Bitcoin halving is coming that will reduce the selling pressure of the market.
Altseason is Here?
Almost every altcoin has moved and gives the crypto community hope. Bitcoin dominance hits 6-month that gives altcoin the room for growth. Bitcoin dominance made a high of 70% in September 2019 and most of the altcoins lose their value by more than 80%.
2020 was a great start for altcoin lovers and many altcoins give triple-digit returns. Hedra Hashgraph (HBAR), Icon (ICX), Aion (AION), Chainlink (LINK), Tezos (XTZ) has given more than 200% return in the past two months.
People are again gaining confidence in Altcoins and start investing in new money. There are great chances that Bitcoin dominance will drop to 50% in the next coming months that will explode the altcoin market like the 2017 epic bull run.
Altcoins also hit by the bearish sentiment after the sudden $1000 drop of Bitcoin but the charts and community are still bullish. The next altseason may explode your mind.
