However, he emphasized one crucial point. Should Bitcoin decisively fall below the $83,000 mark—not just a temporary drop, but a solid confirmation—it would redirect focus toward the next level of support.
Why We’re Not Quite in “Altcoin Season” Yet
While several altcoins are currently showing strong performance, the analyst believes it is premature to declare an official altcoin season. He is keeping an eye on a metric known as Bitcoin dominance, which reflects Bitcoin’s share of the total cryptocurrency market relative to other altcoins.
At the moment, this figure is relatively stable, moving within a defined range rather than experiencing a significant decline. If Bitcoin dominance dips below 58%, he argues that this would signal the onset of a genuine altcoin surge. Until then, the current situation resembles fragmented strength among individual altcoins rather than a coordinated market movement.
Key Levels Traders Are Monitoring
In the near-term analysis, the expert is focused on a support region between $81,600 and $82,937, a range associated with Bitcoin’s previous high in May. Earlier this week, the price slipped just under this zone, but buyers quickly re-entered the market, indicating that this support level remains robust rather than failing.
He elaborated on the characteristics of a significant breakdown: if Bitcoin dips below this support and continues to trade under it, or if it briefly rebounds before dipping again. A swift drop followed by an immediate recovery, like what occurred recently, does not qualify as a true breakdown.
On the upside, he is looking for a move above $85,140 as an indication that buyers have regained control, with resistance anticipated in the range of $85,140 to $86,960.