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Featured cryptocurrency strategist Jason Pizzino predicts when the altcoin market could crash again.
In a new strategy session, Pizzino To tell His 286,000 YouTube subscribers said it could take another 12 months for some altcoin projects to get off the ground like December 2020 to May 2021. .
Pizzino says only when Bitcoin gets the upper hand (BTC.D) will begin to weaken once the altcoin season begins.
I doubt we will see this kind of massive altcoin season for at least another 12 months. It will be the end.
The Bitcoin Dominance Index tracks how much of the cryptocurrency market capitalization belongs to Bitcoin. BTC.D’s bullish chart suggests Bitcoin is taking a bigger share of the cryptocurrency market at the expense of altcoins.
According to the trader, Bitcoin’s dominance fell from a high of 73% to around 40% during the six-month period of massive altcoin trading that ended in May 2021.
He has been watching the BTC.D chart closely and has seen Bitcoin dominance rise from its current level of around 52% to previous higher support levels of 56%, 58% or 60%, at which point We predict that BTC.D may peak and start rising. immersion.
There are three numbers out there: 56%, 58%, 60%. Once we start achieving that, perhaps we will start to see a new altcoin narrative that will bring about the altcoin pump. .”
Bitcoin’s dominance is likely to continue to rise in the coming months, according to Pizzino, but BTC.D may fall in the short term and some altcoin projects may rise.
But in the meantime, there is no doubt that Bitcoin will lose some dominance and there will be a large tradable range that spills over to other Bitcoins. [altcoin] A story that happened during that time. ”
Pizzino also warned that many altcoin projects will not exist in the long term.
“After all, according to raw statistics and data, 99% of these projects are dead. There’s no way they’ll all survive.”
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