Bitcoin has surged to $111,970 sparking hopes for an impending altcoin season, contingent on a breakdown in Bitcoin dominance near the 66-69% apex.
Analysts suggest that for a broader altcoin rally to occur, SPX500 momentum and a rejection in Bitcoin dominance are crucial factors.
Certain altcoins like SUI, SOL, FTM are showing promising setups, while meme coins like Nobody Sausage and FartCoin are also gaining traction.
Patience is advised as most altcoins are still in accumulation phase, awaiting a significant shift in Bitcoin dominance and sustained SPX500 momentum for a potential altseason.