The debate over an altcoin season continues during the correction period in the crypto market. Analysts agree that a full-fledged altcoin season has not yet started. Some believe that this period could be the last opportunity to buy before the anticipated season kicks in.
While altcoins are experiencing a temporary pullback, market observers view this as a stage where investors can accumulate positions ahead of the expected altcoin season. Analyst Jacob Canfield notes that most altcoins have been lagging behind Bitcoin, but considering the current decline in Bitcoin dominance, they have shown a positive performance against the dollar.
Canfield mentions that a real altcoin season can be discussed when a decline in Bitcoin dominance begins. Bitcoin’s current dominance is at 52.8%, and altcoins have shown resilience in the market and gained momentum against the massive cryptocurrency this month.
Analysts are closely monitoring altcoins, particularly because they may be on the verge of a potential breakout. Technical indicators, such as the rare monthly golden cross, suggest the onset of the next upward trend.
The analyst “Muro,” who predicts a slight correction for Ethereum, maintains a positive outlook for altcoins. Despite short-term resistance, there is a sentiment that support levels are near and a brief correction could pave the way for an ascent.