How Much Long Will Altcoin Season Continue? | Credit: Veronica Cestari
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Key Takeaways
The Crypto Market Cap (TOTALCAP) hit a new all-time high today.
The Altcoin Market Cap (ALTCAP) also surged to new highs.
Bitcoin’s Dominance (BTCD) broke down from a diagonal support.
The crypto market has surged to new highs, completely retracing the September decline.
Altcoins followed with their own record-setting rally, strengthening the case for another altcoin season.
Meanwhile, Bitcoin’s dominance has started to crack after weeks of steady gains.
Let’s examine the charts and determine what lies ahead for the year.
Crypto Market Hits New Highs
The crypto market cap has surged since Sept. 25, increasing by 15% and breaking from a descending resistance trend line (dashed).
The breakout confirmed the correction had ended and led to a new all-time high price of $4.27 trillion on Oct. 6.
Besides the price action, momentum indicators support the upward movement.
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While TOTALCAP broke out, the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) broke out from their bearish divergence trend lines.
According to the wave count, the upward movement will continue to new highs. The crypto market is in the fifth and final wave of its increase, but the sub-wave count shows more room to grow.
A potential target for the top of the rally is $4.49 trillion, which would hit the 1.61 external Fibonacci retracement resistance of wave four.
Altcoins Follow Suit
The altcoin market cap also surged last week, invalidating its previous decline by creating a bullish engulfing candlestick.
Then, ALTCAP reached the highest-ever weekly close and hit a new all-time high of $1.18 trillion today.
There is no resistance above the current price, so the ALTCAP will likely surge higher, leading to massive altcoin gains and possibly the continuation of the altcoin season.
ALTCAP Weekly Movement | Credit: Valdrin Tahiri/TradingView
The two primary targets for the top of the rally are at $1.46 trillion, created by the 1.61 external Fibonacci retracement of the decline, and $1.96 trillion.
The 2.61 Fibonacci level creates the second target, coinciding with the channel’s resistance trend line.
Hence, the confluence makes it more likely to be the top if ALTCAP gets there.
Bitcoin’s Dominance Weakens
Finally, after rallying for nearly a month, the Bitcoin Dominance Rate (BTCD) shows signs of weakness.
BTCD bounced on Sept. 13, increasing inside an ascending parallel channel until it hit a high of 59.37%.
Then, BTCD was rejected at the 59.20% resistance area, creating a bearish engulfing candlestick.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
