Analysts are increasingly bullish on altcoins, forecasting the dawn of an altseason that could trigger a significant price surge in the weeks to come. Notably, prominent analyst EGRAG Crypto envisions a substantial market inflow of $627 billion during this highly-anticipated phase.
In a recent analysis shared on X, EGRAG Crypto examined the potential growth of altcoins using a Volume Range Visible Profile (VRVP) tool. This technique identifies crucial support and resistance levels based on trading volume. An altseason is typically marked by altcoins outperforming Bitcoin, leading to a drop in Bitcoin's market dominance as funds shift to alternative cryptocurrencies.
EGRAG Crypto highlights that Bitcoin’s dominance is slipping below its Value Area High (VAH), the upper limit of significant trading activity.
This decline suggests mounting selling pressure on Bitcoin, potentially undermining its control over the crypto market. The Value Area Low (VAL) represents the probable support level for Bitcoin's dominance in this altseason.
The analyst predicts Bitcoin's dominance could fall by 33.04% to reach its VAL. Given Bitcoin's market cap of $1.91 trillion, this shift may bring $627 billion into altcoins in the coming weeks. Furthermore, EGRAG Crypto indicates a Point of Control (POC) target of 42% for Bitcoin's dominance. A drop below this level would confirm a market shift favoring altcoins.
In further discussions, analyst Michaël Van de Poppe highlighted the strong performance of altcoins last month. He emphasized Ethereum's significant role. Should Ethereum maintain its performance and close above 0.035 on the ETH/BTC chart in November, it may herald a robust altcoin rally in December.
As it stands, the altcoin market cap is valued at $1.39 trillion, constituting 41.4% of the total cryptocurrency market capitalization.