Analysis: Altseason Signal Hidden in "Bitcoin Dominance Weakness for Consecutive Weeks"


November 9th, Cryptocurrency analyst Matthew Hyland recently shared his view, stating, "The reason you should be confident in the price trend of altcoins is that the Bitcoin dominance chart looks very weak, and has been weak for several weeks." Hyland pointed out: "The downtrend is still favorable for continuation, so this rebound is just a 'dead cat bounce' in the downward trend."Hyland also stated that the recent sharp price fluctuations in Bitcoin may have been carefully orchestrated by traditional financial giants. "In the past month, my view has remained basically the same—I believe these fluctuations are actually manipulative actions, with Wall Street just setting themselves up." Bitcoin's dominance has fallen 5% since May.Just on November 4th, the Bitcoin price fell below the $100,000 mark for the first time in four months, sparking concerns about future trends. Although Hyland believes the altcoin market may be about to gain momentum, other indicators still show that the market focus remains on Bitcoin. CMC's Altcoin Season Index is currently only at 28/100, still in the "Bitcoin Season" range.