Analyst Matthew Hyland believes Bitcoin’s recent volatility may be influenced by Wall Street manipulation.
Bitcoin’s market dominance is showing signs of weakness, which could mean altcoin season is closer than many traders think, according to crypto analyst Matthew Hyland. Key Takeaways: Bitcoin’s dominance is weakening, dropping over 5% since May, paving the way for an upcoming altcoin season. Analyst Matthew Hyland believes Bitcoin’s recent volatility may be influenced by Wall Street manipulation. Altcoin season remains elusive for now, with CoinMarketCap’s index still deep in “Bitcoin Season” territory.
“The reason why you should have confidence in the altcoin price action is because the BTC Dominance chart looks bearish and has looked bearish for many weeks,” Hyland said in a post on X on Friday. “The downtrend is favorable to continue; therefore, this relief rally has been a dead cat bounce in a downtrend,” he added. Analyst Claims Wall Street May Be Behind Recent Bitcoin Volatility Hyland also suggested that Bitcoin’s recent volatility might not be entirely organic. In a video shared Saturday, he argued that Wall Street institutions could be behind the market swings. “Over the past month, I’ve kind of just maintained the view that a lot of this was really just manipulation, essentially for Wall Street to set themselves up,” he said.
Bitcoin’s dominance, the share of total crypto market capitalization held by BTC, has dropped 5.13% since May and now sits at 59.90%, according to TradingView data. The world’s largest cryptocurrency recently slipped below $100,000 for the first time in four months before recovering to $102,090 at press time, per CoinMarketCap. Despite the modest rebound, Bitcoin has fallen 15.6% over the past 30 days, keeping sentiment subdued across the broader market. CoinMarketCap’s Altcoin Season Index currently stands at 28 out of 100, well within “Bitcoin Season” territory, signaling that capital is still concentrated around BTC. The last time the index flipped into “Altcoin Season” was on Oct. 8, shortly after Bitcoin hit an all-time high of $125,100.
However, the optimism faded quickly following the Oct. 10 crash, which erased $19 billion in leveraged positions and sparked a shift toward safer assets.
Some analysts believe the next altcoin season will look very different from the euphoric runs of 2017 and 2021. For now, traders are watching closely to see whether Bitcoin’s dominance continues to fall, a trend that could set the stage for a long-awaited, but more selective, altcoin rally. JPMorgan Predicts Bitcoin Could Hit $170K Within a Year JPMorgan analysts expect Bitcoin to climb to around $170,000 within six to twelve months, citing the completion of the perpetual futures deleveraging phase and improved volatility dynamics relative to gold.