Crypto market is extremely bullish from from last one week and we see that Bitcoin is almost at its all time high, reaching the level of 73,000.
To be honest, it was not expected as I was thinking about and I thought that Bitcoin will go down to 60,000 because of the war tensions between Iran and Israel.
But as always you see that this market is unexpected and the price went upside to reach the level of 73,000 at least.
Right now the current price of Bitcoin is around 72,500 which is down around 2% but I think it will surely test the level of 74,000 which is its previous all time high.
Many people are asking a question about when alt season will start, why only Bitcoin is rising.
This is because of some reasons.
One of the main reason is the Bitcoin dominance which is very high right now which means that investors are more interested to invest in Bitcoin only. They are not favoring altcoins in this scenario.
So the question is when investors will switch towards altcoins and when the prices of other crypto coins will start rising.
Yup, there is a special situation in this scenario where altcoins will start rising in price.
If in case Bitcoin will surpass 74,000 and will stay at least for three to four days over this price, then people will start moving towards other altcoins.
The reason is because they will find a strong support at its all time high where they where it will make another high from this level.
People will start moving towards altcoins and in this regard other crypto coins will start rising in price. Also the BTC dominance is another reason for the altcoin rise.
We need to see Bitcoin dominance come below 50K reaching the level of 45K. In this regard altcoin season will start and we will see a huge pump in the altcoins .
People who are confused about either to invest in altcoins or not I will suggest that you must wait for the price level of 74,000 and we need a three candles according to one day time frame staying above 74,000.
If this happens, You surely go and invest in other crypto coins which are your favorites because they will surely give a good rise and in this regard you will get some good profits.
Also one thing to consider is that 8th of November will be the Election Day in United States and this will bring a high volatility in the market.
It is better to stay to wait for this election to get over and after that you decide either to invest or not.
One thing to add in this post is that in case Donald Trump will win is in favor of crypto market.
If he loses, the market will see a sharp dip which will be much more risky for the investors.
What do you people think about altcoin season? will it start very soon? Will be glad to see your answers in the comment section.
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