Analysis: Altseason Signals Hidden in Weeks of Bitcoin Dominance Weakness

BlockBeats News, November 9, crypto analyst Matthew Hyland recently shared his view: "The reason you should have confidence in the price action of altcoins is because the bitcoin dominance chart looks very weak, and has been weak for several weeks." Hyland pointed out: "The downward trend is still likely to continue, so this rebound is just a 'dead cat bounce' in a downtrend."

Hyland also stated that the recent sharp fluctuations in bitcoin's price may have been carefully orchestrated by traditional financial giants. "Over the past month, my view has basically remained unchanged—I believe these fluctuations are actually manipulations, and Wall Street is just positioning itself." Bitcoin dominance has dropped 5% since May.

On November 4 alone, bitcoin's price fell below the $100,000 mark for the first time in four months, sparking concerns in the market about its future trend. Although Hyland believes the altcoin market may soon gain momentum, other indicators still show that the market focus remains on bitcoin. CMC's Altcoin Season Index is currently only 28/100, still within the "Bitcoin Season" range.