The cryptocurrency market is currently seeing Bitcoin 
$96,814 hovering around the $104,400 mark, with most altcoins experiencing significant losses. Discussions surrounding Ethereum 
$2,701 have contributed to a decline below the $3,300 level, yet the US stock markets remain quite positive. So, how can we identify the onset of an altcoin bull market, and what should traders observe?
Understanding the Altcoin Bull Market
We may witness substantial gains for altcoins through a gradual shift, as seen in previous cycles. As investors become wary of missing out on profits, the momentum is likely to accelerate. The partial price increases from the last quarter of the previous year led many to regret buying at higher prices, indicating that we should expect a more significant rise this time.
Daan Crypto Trades emphasizes the importance of monitoring Bitcoin dominance levels for the altcoin bull market.
“Throughout this cycle, BTC dominance has consistently moved higher due to Bitcoin outperforming most altcoins. Since the elections, we have seen significant fluctuations that slightly halted the upward trend. However, there hasn’t been a strong reversal, so keeping an eye on this local range is advisable.”
“Any movement below 54 is likely to kick off an altcoin season for at least a few weeks, creating a favorable case for Bitcoin dominance.”
“Until then, those altcoins outperforming Bitcoin are often sector-specific, and rallies usually last no more than a few weeks.”
Forecasting Bitcoin’s Future
Benjamin Cowen predicts that Bitcoin’s 365-day return will remain within the $120,000 to $140,000 range in the coming months. Maintaining gains in this range is crucial for confirming the continuity of the upward trend in cryptocurrencies. Cycle data suggests that Cowen’s expectations should materialize accordingly.
The analyst’s forecast indicates that Bitcoin prices will reach six-figure levels even in the third quarter of this year.
