can't believe altcoins are doing this

The total cryptocurrency market cap, excluding Bitcoin and Ethereum, is showing similarities to the previous cycle, hinting at an upcoming altcoin season. Bitcoin dominance is declining, mirroring the previous cycle, and the altcoin market has already experienced a minor dip, suggesting that a significant drop might be less likely. The speaker believes that altcoin season may be starting sooner than December, with Bitcoin potentially experiencing a minor downturn while altcoins perform well.

Altcoin Season Timing

• 00:00:47 The speaker anticipates an altcoin season, similar to the one in 2020, based on the current trajectory of Bitcoin dominance and the total cryptocurrency market cap excluding Bitcoin and Ethereum. He uses historical data and charts to compare the current cycle to the previous one, highlighting similarities in Bitcoin dominance decline and the potential for altcoin growth.

Bitcoin Dominance

• 00:00:36 Bitcoin dominance is decreasing on the weekly chart, which parallels its behavior in the previous cycle before altcoin season. This decline in dominance indicates a shift in market sentiment towards altcoins, suggesting the potential for a significant altcoin rally.

Altcoin Dip

• 00:02:09 The speaker discusses the possibility of a dip in altcoin prices before the altcoin season. He notes a similar dip occurred in the previous cycle, and it was followed by a significant altcoin rally. Based on the current market situation, he believes the dip may be smaller than the 30% experienced last cycle.

Bitcoin Price Action

• 00:04:54 The speaker suggests that Bitcoin might experience a slight pullback or consolidation as altcoins begin to outperform. This scenario is supported by past cycles, where Bitcoin saw a brief decline in price a couple of weeks prior to the beginning of altcoin season. He observes a potential for Bitcoin to retrace to the 70s or the previous all-time high.

Altcoin Performance

• 00:06:33 The speaker analyzes the possibility of altcoins outperforming Bitcoin in the near future. He refers to historical data and the current Bitcoin dominance chart, which indicates that altcoins are currently outperforming Bitcoin. This observation is critical as it further strengthens the belief that the start of altcoin season is imminent.