Analysis: The altcoin season signal is hidden within the "several weeks of weakness in Bitcoin's dominance."

BlockBeats news, November 9 — Crypto analyst Matthew Hyland recently expressed the view that “the reason you should have confidence in the price movement of altcoins is because 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’ within the downward trend.” Hyland also stated that recent sharp fluctuations in Bitcoin’s price could be orchestrated by traditional financial giants. “In the past month, my view hasn’t changed — I believe these fluctuations are actually manipulation, and Wall Street is just positioning itself.” Bitcoin’s dominance has fallen 5% since May. On November 4, Bitcoin’s price dropped below the $100,000 mark for the first time in four months, sparking market concerns about future trends. Although Hyland believes the altcoin market may soon gain momentum, other indicators still show that the market focus remains on Bitcoin. The CoinMarketCap Altcoin Season Index is currently only 28/100, still in the “Bitcoin Season” zone.