A prominent analyst says he is closely monitoring a crypto index that he believes will signal the start of the next altcoin season.

The person known in the industry as Credible Crypto told his 223,100 Twitter followers that the Bitcoin Dominance Index (BTC.D) is poised for a recovery rally that could be a good opportunity for altcoin investors.

“During the last Bitcoin bull run, there have been many instances where BTC.D has shot up before it crashes.

I’m still waiting [mức thấp nhất mọi thời đại] on BTC.D before this bull run ends. Watch out for altcoins when BTC.D hits 50-55%. That would be the BEST time to buy altcoins. “

BTC.D daily chart | Source: Credibull Crypto / Twitter

Traders rely on the Bitcoin Dominance Index to see what percentage of the market Bitcoin holds. BTC.D increases when the value of Bitcoin grows faster than the rest of the crypto market and vice versa.

Credible Crypto says the BTC.D relief rally could mark a low point for altcoins and usher in a new altcoin season as it expects the index to resume its downtrend.

In line with his forecast, the analyst added that he expects altcoins to rebound in the medium term before hitting a definitive surge in the next six months. Between the two rallies, Credible Crypto said it sees altcoin trading in a wide range.

“You are proposing a sideways consolidation. But due to the very volatile nature of the market, the range could be 20-40%. “

As for Bitcoin, he believes the benchmark cryptocurrency is preparing for the next phase of the bull market.

“Accumulation. BTC”.

BTC / USD daily chart | Source: Credible crypto / twitter

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Dailyhodl

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