While Bitcoin (BTC), Ethereum (ETH) and altcoins have experienced major increases in the last two days, Real Vision co-founder and CEO Raoul Pal made new statements about the altcoin season.
Raoul Pal argued that an altcoin rally could be very close, stating that Bitcoin dominance, which is the biggest obstacle for altcoins, has reached its peak.
Macro analyst Pal, in his post from the X account, stated that Bitcoin dominance has probably reached its peak, with DeMark indicators indicating peaks for BTC dominance on daily, weekly and monthly charts.
Noting that the current BTC.D level is lower than the 2021 and 2017 peaks, Pal stated that this is in line with past historical patterns.
He argued that this could signal the next phase of the so-called “Banana Zone,” which refers to a parabolic increase in altcoin prices, creating a banana-shaped curve on the chart.
However, not everyone agrees with Raoul Pal, as crypto analyst Mark Harvey believes that Bitcoin dominance could strengthen further due to increased ETF inflows and institutional adoption. According to him, the current decline in BTC dominance is only temporary.
As Bitcoin dominance declines, the CMC Altcoin Season Index currently sits at 41. While the Altcoin Season Index is at its highest level since February, it is still well below the altcoin season threshold of 75. This means we are not yet in full altcoin season.
*This is not investment advice.