Analyst Comments on Bitcoin Dominance
According to cryptocurrency analyst Rekt Capital, Bitcoin’s market dominance has emerged from the macro wedge formation that has been forming since 2017.
In a series of tweets, Rekt Capital explained that Bitcoin dominance could still slide to the top of the wedge for a retest, which would be beneficial for altcoins and would require the price of Bitcoin to either sideways or gradually decline.
Rekt Capital also pointed out that Bitcoin dominance creates a potential double top formation that tends to be symmetrical. According to the analyst, the first part of the pattern was formed within 10 days, while the second part was formed within 7 days so far.
“#BTC Dominance has broken out from its Macro Wedge To fully confirm the breakout, $BTC DOM could still dip into the Wedge Top for a retest Such a scenario would be beneficial to Altcoins & would entail BTC’s price moving either sideways or gradually dipping”
In the analyst’s view, the next few days will be crucial in determining whether the double top has fully formed, which will signal a reversal in Bitcoin dominance and a possible altcoin rally.
Rekt Capital is a well-known cryptocurrency analyst who shares macro research, commentary and technical analysis on crypto markets. Bitcoin dominance is a metric that measures the percentage of total cryptocurrency market capitalization held by BTC. It is often used as an indicator of Bitcoin’s relative strength against altcoins. High BTC dominance means Bitcoin outperforms altcoins, while low Bitcoin dominance means altcoins outperform Bitcoin.
Leave a ReplyWant to join the discussion?
Feel free to contribute!