Bitcoin dominance has been rising and sustaining above 50% for over 80 days now, which indicates the price is progressing fairly within the bull market. With the rise in value, the Bitcoin price enters the resistance area again and tries hard to sustain itself. If the token further breaks these levels, the probability of kick-starting a fresh upswing emerges. This may lift the price close to the current ATH of $68,789.
Now that the Bitcoin halving is just 111 days away, the price is believed to intensify its pace. Besides, the volume has remained more or less consistent. It has begun to rise as the markets entered the potential bull run phase that started back at the beginning of October 2023. In such a case, the altcoins are also expected to display some potential, which has just entered the bull phase.
The total altcoin market capitalization has approached a crucial phase; it traded just before the start of the 2021 bull run. The MACD flashed a buy signal, lifting the levels from $300 million to as high as $435 billion in 2016–17. It further raised them beyond $1.66 trillion during the 2021 bull run. The technicals have turned bullish, as the monthly MACD is closer to flashing a bullish signal for the first time in 3 years.
While the length of the upswing continues to remain unclear, a rise beyond the bearish influence may be expected.
It is worth noting that, despite the altcoins showing some strength, nothing has been confirmed yet. Mainly because Ethereum is not showing any momentum and is believed to drop by another 5% in the coming days. Right now, the liquidity has been concentrated in Bitcoin, as its dominance is soaring every day. Once this liquidity flows into Ethereum and other altcoins, the markets may witness the resurgence of a fresh AltSeason, probably in Q1 2024.
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