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Analysis: The alt season signal is hidden within the "weakness of Bitcoin's dominance rate for several consecutive weeks".
On November 9, crypto analyst Matthew Hyland recently expressed the view that “the reason you should be confident in the price movement of alts is that the Bitcoin dominance chart looks very weak and has been weak for several weeks.” Hyland pointed out: “The downtrend still favors continuation, so this rebound is just a 'Dead Cat Bounce' in the downtrend.” Hyland also stated that the recent dramatic fluctuations in Bitcoin's price may be orchestrated by traditional financial giants. “My viewpoint hasn't changed much over the past month — I believe these fluctuations are actually manipulations, and Wall Street is just positioning itself.” Bitcoin's dominance has fallen by 5% since May. On November 4, Bitcoin's price fell below the $100,000 mark for the first time in four months, raising concerns about future price movement. Although Hyland believes that the altcoin market may soon gain momentum, other indicators still show that the market focus remains on Bitcoin. The CMC Altcoin Season Index is currently only at 28/100, still within the 'Bitcoin Season' range.