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<p>The post <a href="https://coinpedia.org/news/crypto-market-faces-turbulence-bitcoin-leads-downturn-as-altcoins-gear-up-for-rally/">Bitcoin Price Dips: Is This the Start of the Altcoin Season?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In the early hours of Monday, the cryptocurrency market encountered a substantial downturn, spearheaded by major assets such as <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin (BTC)</a> and Ethereum (ETH). Bitcoin, forming a double top around $44,500 and exhibiting a bearish daily <a href="https://coinpedia.org/traders/relative-strength-index-rsi/">Relative Strength Index (RSI)</a>, hints at a potential shift towards an altcoin-dominated market in the weeks ahead.</p> 
<p>Buckle up and dive into this analysis as we explore the factors behind the crash, the potential rise of altcoins, and what it all means for the future of crypto.</p> 
<h2 class="wp-block-heading" id="h-bearish-sentiment-surges">Bearish Sentiment Surges</h2> 
<p>Coinglass’s recent market data unveils a stark contrast in trader activity, with over $354 million in long crypto traders being liquidated in the past 24 hours, in stark contrast to the mere $54 million in short traders. This surge in long liquidations implies a growing bearish sentiment. It follows a recent bullish pennant pattern in Bitcoin, which had many anticipating a surge to $48k, only to witness a downturn toward $40k.</p> 
<p><strong>Regulatory crackdown adds pressure</strong></p> 
<p>Despite the ongoing crypto regulatory crackdown in the United States, market experts maintain short-term optimism, anticipating the approval of several <a href="https://coinpedia.org/news/analyst-warns-a-market-fallout-post-etf-approval-predicts-whats-next-for-bitcoin-price/">spot crypto exchange-traded funds (ETFs)</a>. These potential developments could usher in increased cash inflows into the crypto market, bolstering bullish momentum despite current bearish trends.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> has experienced its fastest drop in 4 months as markets have corrected and caused mild trader concerns. There is a high level of <a href="https://twitter.com/hashtag/buythedip?src=hash&amp;ref_src=twsrc%5Etfw">#buythedip</a> calls, which typically means that there is a bit of overeagerness and <a href="https://twitter.com/hashtag/FOMO?src=hash&amp;ref_src=twsrc%5Etfw">#FOMO</a> on these low prices. <a href="https://t.co/cC2hJmSibv">https://t.co/cC2hJmSibv</a> <a href="https://t.co/9XjMbXfill">pic.twitter.com/9XjMbXfill</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1734093149054869662?ref_src=twsrc%5Etfw">December 11, 2023</a>
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<p>Read More: <a href="https://coinpedia.org/news/analyzing-the-roadblocks-why-an-etf-approval-by-january-10th-seems-unlikely/">Crypto on High Alert: Delays for Bitcoin ETF? Expert Hints at January Roadblock</a></p> 
<h2 class="wp-block-heading" id="h-altcoin-enthusiasm-on-the-rise">Altcoin Enthusiasm on the Rise</h2> 
<p>On-chain analytics platform Santiment has identified a noteworthy spike in social media mentions urging followers to ‘buy the dip.’ This indicates a strong community belief in the imminent recovery and growth of altcoins. The possibility of a reversal in Bitcoin dominance, from approximately 54 percent to retesting the support level of around 40 percent, further fortifies the bullish narrative for altcoins.</p> 
<h2 class="wp-block-heading" id="h-a-waiting-game-for-the-alt-season">A Waiting Game for the ‘Alt Season’</h2> 
<p>The high demand from institutional fund managers for crypto investment products emerges as another factor that could sustain market optimism. The much-anticipated ‘<a href="https://coinpedia.org/price-analysis/bitcoin-moves-sideways-will-altcoins-continue-to-rise-to-trigger-a-strong-altseason/">alt season</a>‘ may materialize in the coming weeks, propelled by a redistribution of crypto cash flow from Bitcoin to the altcoin industry in line with market capitalization trends.</p> 
<p>Also Read: <a href="https://coinpedia.org/price-analysis/is-santa-rally-coming-top-5-altcoins-to-stack-up-this-holiday-season/">Is ‘Santa Rally’ Coming? Top 5 Altcoins to Stack Up This Holiday Season</a></p> 
<p>Altcoins are poised to take center stage, unveiling new opportunities for traders and investors. The cryptocurrency market, renowned for its volatility, once again proves to be a realm of unexpected turns and exciting possibilities.</p> 
<p><strong>Which altcoins are you most excited about for the holiday season?</strong></p>

Bitcoin Price Dips: Is This the Start of the Altcoin Season?

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