Price Analysis View Non-AMP

Bitcoin(BTC) Price Falls Under $55,000- Altcoin Season In Making

Published by
Zameer Attar

BTC price today dropped drastically under $55000, invalidating anticipations of starting altcoin season. Bitcoin registered the worst weekly performance this year, it was in this zone 4 months before in February.

This downtrend is the trail to events that started when Bitcoin hit an all-time high of $73,803 in March—the Spot ETF influx, the liquidations, US elections uncertainty, and now the MT Gox repayments. Even though the greedy events occurred, the feary events had a strong impact that caused the largest cryptocurrency to drive down 21% from its time high. 

Some notable altcoins have also printed double-digit losses, invalidating the speculations of the beginning of the altcoin season.

In an analysis, the Raw buying and selling pressure indicator shows how buying and selling pressure seems to find a neutral stage. A pullback from here expected

Bitcoin Dominance Adjusting In-Line

At press time Bitcoin’s price is $54,308 with marketcap dominance of 55.20%, which had dropped from 53% last week after the BTC price slipped below the psychological support level of $57,000. 

BTC’s dominance in the overall picture is under the uptrend line created at the beginning of the year. The BTC.D traveling below this line is crucial unless a pull black above this is done. 

Bitcoin Domaince Chart

Altcoins Faded The Excitement

With the fall in Bitcoin dominance, it is anticipated that altcoins to fill the space but the drop in BTC price leads other altcoins to behave bearish. Some of the coins like Abritrum(ARB) price hit an all-time low in this turbulence. 

In an analysis of 90 days performance of the Top 50 coins, only 7 of them have registered gains and only 12 of them have outperformed Bitcoin of which 4 see losses, 

Generally, during the altcoins season to gear up, there needs to be at least 75% of altcoins need to outperform Bitcoin. In this case, the numbers are not too supportive. 

This shows, that the market still Needs a little more observing to begin the altseason. 

Top 50 Altcoin’s Performance. Source: BlockChain Center

So When will the Alt Season Start?

As seen on the Alt season index the reading stands at 24, with only a reading above 75 indicating a potential start of altcoin season. 

Below 25 is considered to be the Btcoin season.

Altcoin Season Index. Source: BlockChain Center

Concerning the last movement, it took 3 months to shift from below 25 to above 75 so we can expect the altcoin to start in early of mid-October.

Read Also: MtGox Begins Repayments; Will Crypto Market Crash More? 

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

Recent Posts

Time to buy XRP? $55 million of Asset Outflow from Exchanges

XRP, the native token of Ripple Labs, is gaining massive attention from long-term holders despite…

April 4, 2025

Crypto Market Hit New Lows—Investors Looking Elsewhere? Ozak AI’s $0.003 Entry Looks More Promising!

The crypto market has recently experienced a vast downturn, with most important projects such as…

April 4, 2025

BTC Price Volatility Spikes Up—Is it a Good Time to Buy Bitcoin?

The US markets are experiencing one of the massive pullbacks, with major stocks plunging by…

April 3, 2025

Forget PEPE – Influencer Pepe (INPEPE) is the Future of Meme Coins with Real Utility!

PEPE hopped its way to a $3.8 billion market cap, but its reign as a…

April 3, 2025

Ripple (XRP) Eyes $10 as Ruvi AI (RUVI) Captures Investor Attention with Huge Growth Potential During Presale Phase 1

Ripple’s (XRP) recent rally from $2.00 to $2.20 has sparked excitement among cryptocurrency enthusiasts. This…

April 3, 2025

How High Can Influencer Pepe Go? Expert Predictions for 2025-2030!

The crypto circus has a new ringmaster: Influencer Pepe (INPEPE). This Pepe-the-Frog-inspired token is making…

April 3, 2025