Analyst Predicts Altcoin Season to Begin Within Days, Citing Historical Trends and Bitcoin Dominance

According to a crypto analyst known as Pepa, the next altcoin season is predicted to begin within the next three days, as of today, February 9, 2024. This forecast is based on historical trends and the Bitcoin Dominance Chart from Coinmarketcap, which currently shows Bitcoin's dominance at 60.2%, near its multi-year high of 61% reached on February 8, 2024. The analyst points to a chart of the total altcoin market cap against Bitcoin, noting that price action recently touched the lower trendline of a multiyear ascending channel, a point that has historically preceded altseasons. Furthermore, historical data suggests that major altcoin surges have occurred in the year following Bitcoin's halving events, with potential start dates aligning around February 14th in previous cycles. However, the analyst notes that altseason cannot truly materialize until Bitcoin dominance begins to weaken, and Ethereum's performance relative to Bitcoin shows strength.