A crypto analyst has issued a strong warning for Bitcoin (BTC), forecasting a potential crash to new lows as negative sentiment mounts. The analyst has also highlighted the possibility of an even more delayed altcoin season as the broader market flips bearish.  Analyst Calls $98,200 Bitcoin Price Crash With the Bitcoin price still consolidating above $100,000 after experiencing major losses in the last month, concerns have been rising about the flagship cryptocurrency’s near-term outlook. Dr. Cat, a crypto analyst on the X social media platform, has forecasted that a crash to $98,200 is growing increasingly possible for Bitcoin, especially with negative sentiment piling up. The $98,200 level has been highlighted as a critical support level, which, if breached, could lead to even stronger downside risks for Bitcoin. Based on key Ichimoku indicators like the 3-week Kijun Sen and Weekly SSB, this downward potential could see Bitcoin crashing into the $70,000 range, which the analyst describes as the “7 handle”. Notably, Dr. Cat’s chart, which features Ichimoku Cloud patterns, shows Bitcoin trading slightly above mid-range indicators with price action hovering above the Kijun Sen and within proximity to the cloud. Despite mild bullish positioning, he stresses that the daily and 2-day time frames remain structurally bearish, reducing the strength of any upward momentum.  Adding weight to this pessimistic scenario, the analyst points out that while a short-term upside for Bitcoin is still in the cards, it is not guaranteed. Alternative wave counts also indicate that a local top may already be in place, signaling early stages of a more severe price correction.  Dr. Cat further compares Bitcoin’s current market conditions to April 2024, when a similar setup led to a notable crash. As such, even if BTC pushes slightly higher in the short term, the broader trend, according to the analyst, suggests a looming reversal.  Altcoin Season At Risk Amid Broader Market Weakness In addition to Dr Cat’s bearish Bitcoin forecast his analysis also extends a stark warning to altcoin holders about the long-anticipated altseason. According to the market expert, many altcoins are once again approaching key resistance levels against Bitcoin, mirroring last week’s setup that led to significant declines.  Although a slight recovery against BTC is not ruled out, the broader market structure hints at a harsh environment for altcoins in the next 1-2 weeks. The future Kijun Sen angle on the weekly Bitcoin Dominance (BTC.D) chart also signals an extended period where the flagship cryptocurrency may outperform altcoins decisively. However, this outperformance is not expected to result from BTC’s strength, but rather from its comparatively slower decline as the market turns bearish.  In such a case, altcoins could see accelerated losses while BTC experienced a more controlled correction. This market dynamic suggests that the true altcoin season is unlikely to emerge anytime soon.

The Bitcoin Dominance (BTC.D) continues to exert pressure on the broader crypto market, casting a shadow on the prospects of an incoming altcoin season. Despite recent volatility and decline in the market, a crypto analyst observes that Bitcoin Dominance remains firmly elevated, signaling that capital is still concentrated in the leading cryptocurrency. This trend, they argue, is preventing any meaningful breakout for altcoins and could persist unless a decisive shift in market structure occurs.  Altcoin Season Stifled As Bitcoin Dominance Surges The Bitcoin Dominance in the cryptocurrency market is tightening its grip, crushing hopes of an imminent altcoin season. According to a recent technical analysis posted on X (formerly Twitter) by market expert Tony Severino, Bitcoin’s market cap dominance has reached 65.72% with both monthly and Relative Strength Index (RSI) readings pushing above the critical 70 level.  At the time of the analysis, the RSI on the monthly timeline stood at 73.19, while the weekly registered at 70.58—both firmly in overbought territory. These levels typically reflect strong momentum and extended bullish conditions, indicating that Bitcoin’s command over the crypto market is still strong and growing.  Severino shared a dual chart view of Bitcoin Dominance and RSI across the weekly and monthly time frames, highlighting candlestick structures that support Bitcoin’s ongoing upward momentum. BTC.D has been climbing since late 2023. The RSI values also remain comfortably above their respective Moving Average (MA) baselines of 67.31 and 65.42, indicating sustained strength rather than signs of immediate exhaustion.  As long as Bitcoin Dominance holds these elevated RSI levels across their major time frames, Severino suggests that altcoins will likely continue to underperform, further delaying the long-awaited altcoin season. The analyst emphasizes that meaningful upside for altcoins will not begin until BTC.D starts to wane and RSI readings fall below 70—effectively signaling a shift in sentiment and market strength that could allow capital to rotate to alternative cryptocurrencies.  Until such a pullback occurs, the analyst argues that the weekly and monthly BTC.D and RSI charts strongly indicate that any expectations of an altcoin season this cycle remain premature.  Dragonfly Doji Forms On BTC.D Chart In another X post, Severino announced that the Bitcoin Dominance has potentially formed a Dragonfly Doji on the weekly chart. With four days left in the weekly session, the analyst notes that the distinct candle pattern is still developing but presently resembles the classic Dragonfly Doji, characterized by a long lower wick and a close near the opening price.  Typically, this chart pattern is viewed as a bullish reversal signal when it appears at the bottom of a downtrend, indicating possible upside momentum. However, in this case, it has emerged during a broader uptrend in BTC.D, creating a more complicated technical picture. Severino believes that the Dragonfly Doji could either represent a continuation of the current momentum or a temporary pause in market direction. If the candle evolves into a larger bullish body and closes above the 65.65% level, it may confirm further strengthening of Bitcoin’s growing market dominance relative to altcoins.