Hello!
Bitcoin has been outperforming altcoins since November 2022. The bottom was at about 40% dominance and now we are above the 60% level. The 60% level is an important level because it has been a support and a resistance several times.
We can see in the chart below these points:
In addition, we are currently in the largest upside channel in the history of Bitcoin, it has been a straight line up without any big pullback. So far Bitcoiners enjoyed the gains, will they be able to move to altcoins before there is a trend reversal?
As a Bitcoin hodler this is the question I'm asking myself daily. Should I move some of my Bitcoin to alts? Or should I wait until we get to the upper parts of the chart marked at 72% or 73%?
It's impossible to know but, we are at an inflection point. Will this 60% act as a resistance?
Will we have an alt season?
That is the question some people are concerned about. In my opinion, we will have an alt season like in previous cycles. Retail will come, some shinny projects will catch the attention of newbies. We all have been newbies at some point in time. Some meme, some shitcoin will get in the way of the newcomers and they will inject fresh capital there. People will look at $100,000 and think it's expensive. But nothing far from the reality, 4 years later they will regret not buying it at $100,000.
I am excited for what is going to happen if we break the 60% mark in the following weeks. What I'm sure is that a lot of money will keep flowing to Bitcoin as the ETFs doesn't seem to bother. They have been stacking like if there is no tomorrow.
I hope you had a great day!
Posted Using InLeo Alpha