Traders Turn Bullish on Altcoins as Bitcoin Selloff Continues

  • Bitcoin’s price action has given traders very little to be excited about.
  • The chop between $10,000 to $8,000 is giving traders reason to anticipate an altcoin season.
  • One margin trader has even gone on the record and said that alt season has already begun.

The number one cryptocurrency has been in a slow bleed ever since it pumped above $10,000 on Oct. 26. Bulls had hoped that support of around $8,600 would stop the selloff but so far, the bears have the upper hand. While the absence of bullish momentum may frustrate bitcoin maximalists, the chop is a boon to altcoin traders.

Escobar is one of the many traders who are expecting bullish price action from altcoins. | Source: Twitter

After months of waiting, the altcoin season (alt season) may be finally upon us. Even I find it hard to believe but many crypto tokens are printing reversal patterns. They look primed for a huge disbelief rally.

Altcoins Gearing for a Strong Push as Bitcoin Dominance Fades

For a proper alt season to begin, bitcoin dominance must suffer a massive waterfall event. In other words, capital must flow into other crypto tokens while bitcoin stays relatively stagnant.

This is exactly the scenario that trader Paddy Stash is seeing. Bitcoin dominance is losing key support of 68%. A confirmed move below this level will likely trigger an altcoin renaissance.

Paddy Stash seeing a strong move down for the BTC dominance index. | Source: Twitter

Paddy Stash is not alone to have this view. Beastlorion is also expecting a sharp move down from the index.

The BTC dominance index is following Beastlorion’s script. | Source: Twitter

So far, the index is following Beastlorion’s game plan. If this holds true, bitcoin dominance can potentially plummet to 48%. This would give altcoins 52% of the total crypto market capitalization. That’s a massive 20% pump from current levels.

This is why traders are salivating over the prospects of altcoins popping. For instance, trader Nik Patel sees many…

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