Looks like Alts are on standby until bitcoin pumps and consolidates in price again like it is doing now so alts can have these mini short alt seasons during btc consolidations.
However if btc crashes alts will correlate and crash too
I dont like mini alt seasons because it doesn't give enough time for alts to truly pump to the moon. All we get is little 5-10% pumps in mini alt seasons that can last for days (not enough time) depending on how long btc can consolidate.
Even Ethereum looks like its stuck at the station before going to its former all time high.
I think when ethereum will break its all time high record then alts will shine and btc dominance goes down
But if btc dumps then ether will dump too meaning its risky going into alts now, and when ether dumps then the distance to its all time high record will be increased and this increase chance of a looming bear market.
In 2017-18 when btc dominance was low alts can have long huge alt season. Why is that?
Like I have said when btc dumps alts correlate & dump too, btc is dragging down eth too that had a great looking bullish technical chart.
What price you think btc will bottom at and when and from there btc will consolidate then at that we get another mini alt season till btc pumps again.
The final conclusion is btc dominance needs to in the low 30% range like it did back in 2017-18 so alts will be independent and wont correlate to btc dumps! Btc dominance is around 60%, still high, it needs to go down in the 40% range for alts to stand a chance.
I can see btc dominance is now 58% which is not bad for alts. Obviously the lower the btc dominance the better.
Do you guys think btc dominance will get down to 50% so alts can go even more higher
?
What if btc fails to break 48k resistance & crashes below 44k support? Of course this will crash alts too however what happens to btc dominance then?
[moderator's note: consecutive posts merged]