ðĨ Bitcoin Marketcap Breaking Out: Highest Level Since 2021!
The last time that I took a look at the Bitcoin Dominance (BTC.D) was back in April when we first the hit top resistance area. Back then I argued that it was likely that the dominance would reverse back down since that was the case for the last 3 times.
As it seems now, this time is different and the dominance is breaking out of the horizontal channel area.
This means that Bitcoin is getting a larger share of the market, which is classically the case in bear markets and during periods of fear. Seeing the massive sell-off in alts today, this is a dominance break out based on fear.
In my view, the genie is out of the bottle and Bitcoin Dominance will likely continue to go up. This means that alts will (on average) lose value against BTC in both uptrends and downtrends.
On the other hand, this is positive because it will give alts more room to grow when the "real" altseason will begin somewhere in 2024.
As it seems now, this time is different and the dominance is breaking out of the horizontal channel area.
This means that Bitcoin is getting a larger share of the market, which is classically the case in bear markets and during periods of fear. Seeing the massive sell-off in alts today, this is a dominance break out based on fear.
In my view, the genie is out of the bottle and Bitcoin Dominance will likely continue to go up. This means that alts will (on average) lose value against BTC in both uptrends and downtrends.
On the other hand, this is positive because it will give alts more room to grow when the "real" altseason will begin somewhere in 2024.
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