🔥 Bitcoin Dominance Incredibly Bullish: Alts Will Get REKT 🚨If you enjoy this analysis, please like and follow.
Ever since BTC fell through the 2023 bull-market support line, things area looking bad for the market. I've made several bearish bets recently, which have been playing out great. Some investors like to flip-flop their bias constantly, but it's much more beneficial to approach the market from a IF-THEN perspective.
Generally, the Bitcoin dominance rises during periods of:
- Bitcoin-only run-ups, like in the first half of 2019.
- Periods of fear, investors exit risky assets and move to a less-risky one (BTC).
With Bitcoin looking bearish, it's great news for the bears that the BTC Dominance is showing incredible long-term strength.
- The BTC.D is currently trading in a falling wedge pattern, which is generally a bullish reversal pattern.
- The BTC.D has retested a previous area of resistance as support. This often happens in markets and is generally accepted as a confirmation of the trend, which in this case is up.
Personally, I'm expecting the markets to go down over the next months. Sure, we can have some bullish days here and there, but it's likely that the 2023 top is already in. Remember that pre-halving years are generally half green, half red, and we're due to some red!
As a result of a bullish BTC.D, alts will lose value against Bitcoin. So, when BTC drops 10%, alts can drop much more than that. As seen on the chart below, the overall altcoin marketcap (ex ETH) is just a mere 10% away from making new bear-market lows.
Are you bearish or bullish? Share your thoughts in the comments 🙏
