Bitcoin is Still Bullish to 80k Before 48k RetestTraders,
Just a quick note to keep you abreast on my still bullish Bitcoin bias. As you know, previously, I had thought that we might get a pullback to 48k before continuation to our inverse H&S target of 80k. But that was only if we could not close above our multi-year support/resistance from 2019. The bulls pushed right through that, a feat that is rarely accomplished! I don't know that I've ever witnessed a break straight through a TL that remains so significant. And now, with this weekly candle closing above the same resistance and forming a bullish hammer candle pattern, the probability increases that we will continue straight to our 80k price target before any sort of a pullback.
The Bitcoin dominance chart (below), however, is rather bearish. Does this indicate weakness in our great leader? Not necessarily. In fact, I am of the persuasion that it actually indicates another huge altcoin bull run could be imminent. See, what could occur here soon is that alts take off and increase rapidly in price. BTC dominance dissipating could simply indicate to us that even though Bitcoin will continue to increase in price, altcoins will do it much more rapidly. The net effect of this race to the top with altcoins winning by a long shot would cause BTC dominance to drop. And this is my current view.
If I am right here, the next few weeks in the altcoin space should be a ton of fun and huge profits are on their way.
But set those stops accordingly. I could be wrong too. You know my bet.
Best,
Stew
