Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Miles Deutscher Calls Altcoin Season Setup ‘Fantastic’ Despite Bitcoin (BTC) 61% Dominance

Miles Deutscher Calls Altcoin Season Setup ‘Fantastic’ Despite Bitcoin (BTC) 61% Dominance

BeInCryptoBeInCrypto2024/11/14 12:00
By:Victor Olanrewaju

With TOTAL3 showing bullish signals, altcoin season could be on the horizon. However, BTC’s dominance remains an obstacle. Here’s what could trigger the shift.

Crypto analyst Miles Deutscher has pointed to a promising technical setup in TOTAL3, fueling speculation that the altcoin season cycle may close. The analyst comments come as the broader crypto market sees a notable bounce, with Bitcoin (BTC) briefly crossing $93,000 and several altcoins showing strong gains.

But how soon could altcoin season actually arrive? This analysis delves into other factors that could either ignite or delay the anticipated rally.

Altcoin Season on Standby, Analyst Says

For context, TOTAL3 is the entire market capitalization of the top 125 cryptocurrencies excluding BTC and Ethereum (ETH). Historically, when this metric rises, it indicates that altcoin season could be on the horizon as long as Bitcoin dominance drops.

Deutscher’s post on X (formerly Twitter) showed the TOTAL3 monthly chart, indicating that it had formed strong support. The post also revealed that the recent rise in altcoin prices has taken the market cap above notable resistance.

“TOTAL3 (altcoin index) monthly chart. Setup looks fantastic, honestly.” Deutscher wrote on X.

Miles Deutscher Calls Altcoin Season Setup ‘Fantastic’ Despite Bitcoin (BTC) 61% Dominance image 0TOTAL3 Monthly Analysis. Source: X/Twitter

While the analyst’s opinion might be valid, one obstacle that could hinder the altcoin season cycle is Bitcoin’s dominance. Bitcoin dominance refers to the ratio of BTC’s market capitalization compared to the total market capitalization of the entire cryptocurrency market.

As of this writing, the BTC.D, as it is popularly known, is 61.33%. This indicates that the number one cryptocurrency still has a strong hold on the market. For alt season to commence, this ratio has to drop, which Deutscher himself admitted on November 12.

Miles Deutscher Calls Altcoin Season Setup ‘Fantastic’ Despite Bitcoin (BTC) 61% Dominance image 1Bitcoin Dominance. Source: TradingView

“Bitcoin dominance keeps grinding higher. Only when BTC dominance breaks down can a true alt season ignite.” The analyst emphasized.

Altcoins Surge Could Be Delayed Until BTC Drops

Currently, Blockchaincenter’s altcoin season index, which measures whether the market is in an alt season, has dropped one place to 29. About one week ago, the reading was 30. For confirmation, at least 75% of the top 50 cryptos need to outperform BTC.

Despite this uptick, the index remains well below the 75 threshold, as only 16 of the top cryptocurrencies have outpaced Bitcoin over the past 90 days.

Miles Deutscher Calls Altcoin Season Setup ‘Fantastic’ Despite Bitcoin (BTC) 61% Dominance image 2Altcoin Season Index. Source: Blockchaincenter

Should that remain the case, then Bitcoin’s price might climb to a higher value before most altcoins hit new highs. However, if BTC experiences a double-digit correction, this could give way for alts to thrive.  If that happens, then alt season can officially begin.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

The Bank of England keeps interest rates unchanged as expected and slows the pace of balance sheet reduction.

The Bank of England reiterated its cautious stance on future interest rate cuts, emphasizing that inflationary pressures remain significant. The government's autumn budget may become the decisive factor for the interest rate cut path for the remainder of the year.

Jin102025/09/18 19:44
The Bank of England keeps interest rates unchanged as expected and slows the pace of balance sheet reduction.

Highlights of the Federal Reserve FOMC Statement and Powell's Press Conference

This FOMC decision and Powell’s speech sent a clear signal: the Federal Reserve is resuming rate cuts, but at a more cautious pace, with the core focus on balancing inflation stickiness and the risk of a slowdown in employment.

Jin102025/09/18 19:44

Initial Jobless Claims Data Stages a "Magic Show": From the Highest in Nearly Four Years to the Largest Drop in Nearly Four Years in an Instant!

Just a week ago, initial jobless claims had surged to their highest level in nearly four years, sparking market concerns over a spike in layoffs. However, the latest data released today presents a dramatic turnaround.

Jin102025/09/18 19:44