Bitcoin dominance remains strong at 52%, but on-chain and technical data suggest that altcoin season is fast approaching.
Bitcoin (BTC) experienced a sharp correction on Feb. 20, sinking as much as 4% from an intra-day high of $53,019 to a low of $50,812, threatening to wipe out the gains of the past seven days.
This pull-back led traders to re-evaluate the general condition of the crypto market, initiating a debate on whether the altcoin season (altseason) is here.
Traders and market analysts believe the ongoing price crash is a part of the 5 phases of the Bitcoin halving cycle and that BTC might be experiencing a pre-halving retrace before entering a widely expected post-halving parabolic uptrend.
