A popular analyst and trader says he is closely watching a crypto index that he believes will signal the start of the next altcoin season.
The pseudonymous trader, known in the industry as Credible Crypto, tells his 223,100 Twitter followers that the Bitcoin Dominance Index (BTC DOM) is poised for a relief rally, which might offer good opportunities for altcoin traders.
“During our last bull run, there were multiple instances where BTC Dom spiked for some relief on its way down.
I still fully expect new [all-time lows] on BTC Dom before this bull run is over. Eyes on alts if/when BTC Dom hits 50-55%. That will probs be the BEST time to load up on alts.”
Source: Credibull Crypto/Twitter
Traders rely on the Bitcoin Dominance Index to get a sense of Bitcoin’s value relative to the value of the broader cryptocurrency market. A rising BTC DOM is an easy way to see when Bitcoin’s value is