Forecasting Bitcoin Dominance and the Upcoming Alt Season
Updated
We'll try to predict the movement of Bitcoin Dominance. The last cycle from bottom to top took approximately 1085 days. If we apply 1085 days to our cycle, it turns out that Bitcoin will complete the growth of Bitcoin Dominance around May 6, 2024, coinciding with the channel's peak around 58% ±.
The channel's bottom will act as the 32%± zone and indicated a rapid fall in 133 days as it happened in 2021. We are already close to the alt season. What about Bitcoin? For Bitcoin, I will wait for a signal on the 3-week timeframe that the growth has finished. I will no longer guess corrections :)...
BTC #Bitcoin
What is bitcoin dominance?
Bitcoin dominance is the ratio between the market capitalization of Bitcoin to the total market cap of the entire cryptocurrency market. It gives a sense of Bitcoin's value relative to other cryptocurrencies, and is frequently used by investors and traders to try to help them make better investment decisions.
Indicator (for 3-week timeframe):
The channel's bottom will act as the 32%± zone and indicated a rapid fall in 133 days as it happened in 2021. We are already close to the alt season. What about Bitcoin? For Bitcoin, I will wait for a signal on the 3-week timeframe that the growth has finished. I will no longer guess corrections :)...
BTC #BitcoinWhat is bitcoin dominance?
Bitcoin dominance is the ratio between the market capitalization of Bitcoin to the total market cap of the entire cryptocurrency market. It gives a sense of Bitcoin's value relative to other cryptocurrencies, and is frequently used by investors and traders to try to help them make better investment decisions.
Indicator (for 3-week timeframe):
Comment
Bitcoin's dominance is on the rise again. Ideally, of course, I would like to see such movement from Bitcoin. A correction of Bitcoin to 50k-53k 🔥💰, then a rise to 74k, and then urgently buying altcoins (altseason). 😀
Comment
Everything is turning red. If Bitcoin and altcoins are dumped, it will be a celebration... 🔥💰Comment
I hope you'll do it, Bitcoin. I'm tired of waiting to buy altcoins at more attractive prices. 🔥😀Comment
ETH #EthereumTraditionally, The Ethereum Foundation has acted as a harbinger for impending market shifts within the Ethereum domain. In a recent and unforeseen action, the foundation liquidated Ethereum assets valued at around $13 million.
Let's see how Ethereum performs in the coming days.
Comment
BTC 🟠 #Bitcoin #Trading — Bitcoin's Near Miss 😁So, Bitcoin made its first attempt at a correction, falling short by $150 from its all-time high of $69,000 on Nov 10, 2021.
Comment
Bitcoin's new all-time high has been rewritten with a new price of $69,324 on the Coinbase exchange. Congratulations to the brave knights who held Bitcoin this high :). I am waiting for a correction to the $50,000-$53,000 range, from where I will start considering altcoins for my portfolio.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.