Closely followed crypto strategist Jason Pizzino predicts when the altcoin market could see a massive bounce again.
In a new strategy session, Pizzino tells its 286,000 YouTube subscribers that it could take another 12 months for some altcoin projects to take off like they did between December 2020 and May 2021.
Pizzino says altcoin season will not begin until bitcoin (BTC.D) dominance begins to wane.
“I doubt we won’t see such a big altcoin season in the next 12 months. As you can see, that’s early 2021. So maybe it’s early 2025 or late 2024.”
The Bitcoin Dominance Index measures how much of the total crypto market cap is Bitcoin. A bullish BTC.D chart suggests Bitcoin is capturing a larger share of crypto markets at the expense of altcoins.
According to the trader, Bitcoin’s dominance fell from a peak of 73% to around 40% during the six-month massive altcoin run that ended in May 2021.
He is closely watching the BTC.D chart and predicts that Bitcoin dominance will increase from its current level of around 52% to higher previous support levels of 56%, 58% or 60%. At this point, BTC.D could peak and start diving.
“We have three numbers there: 56%, 58% and 60%. Once we start doing that, maybe we’ll see a new narrative for the altcoins that will give us that altcoin pump.”
While Bitcoin’s dominance is likely to increase further in the coming months, according to Pizzino, there could be brief periods when BTC.D falls and some altcoin projects rise.
“But in the meantime, there are definitely big tradable areas where bitcoin is losing some dominance and that is spilling over into others.” [altcoin] Narratives going on in this time.”
Pizzino also warns that many altcoin projects simply will not exist in the long run.
“Ultimately, the raw statistics and data say that 99% of these projects fail. There is no way that everyone will survive.”
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