Source: dailyhodl.com
Closely followed crypto strategist Jason Pizzino is predicting when the altcoin market could go on a massive run again.
In a new strategy session, Pizzino tells his 286,000 YouTube subscribers that it could take another 12 months before some altcoin projects take off as they did between December 2020 and May 2021.
Pizzino says only when the Bitcoin dominance (BTC.D) begins to weaken will the altcoin season begin.
“I doubt we’re not going to see this sort of massive altcoin season at least for another 12 months. As you can see, that’s the beginning of 2021. So maybe it’s the beginning of 2025 or end of 2024.”
The Bitcoin dominance index tracks how much of the total crypto market capitalization belongs to Bitcoin. A bullish BTC.D chart suggests that Bitcoin is taking a larger share of the crypto markets at the expense of altcoins.
According to the trader, during the six-month massive altcoin run that ended in May 2021, Bitcoin’s dominance fell from a high of 73% to around 40%.
He is closely watching the BTC.D chart and predicting that Bitcoin dominance will increase from its current level of about 52% to higher previous support levels at 56%, 58% or 60%, at which time BTC.D may peak and start to dip.
“We have three numbers there: 56%, 58% and 60%. Once we start to hit that, then maybe we’ll start to see a new narrative for the altcoins that will give us that altcoin pump.”
According to Pizzino, even as Bitcoin’s dominance is likely to continue to rise in the months ahead there may be short intervals of time when the BTC.D declines and some altcoin projects rally.
“But in the meantime, there are definitely big tradable ranges where Bitcoin loses some dominance and that pumps over into some other [altcoin] narratives that are going on in that period.”
Pizzino also warns that many altcoin projects will simply not be around in the long term.
“At the end of the day, the raw stats and the data is that 99% of these projects die. There is no way all of them can survive.”
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