Bitcoin Price Dominance And Altcoin Season: What The Sudden Volatility Means For The Market
13 Dicembre 2024 - 7:00PM
NEWSBTC
Crypto analyst Master Kenobi has provided extensive analysis, which
discusses the Bitcoin price dominance and altcoin season. In his
analysis, Master Kenobi also revealed what this sudden volatility
means for the market. Where The Bitcoin Price Dominance Is
Headed In an X post, Master Kenobi stated that the Bitcoin
price dominance was meant to have begun its decline yesterday.
However, the drop started 20 days earlier than anticipated. The
crypto analyst added that. Having recorded three consecutive red
weeks, Bitcoin’s dominance has entered a phase of volatility that
could last for some time. Related Reading: XRP Price Flashes
Falling Wedge Pattern, Why $2.8 Is A Possible Target From Here The
analyst’s accompanying chart showed that the Bitcoin price
dominance experienced this volatility phase for 136 days. If
history were to repeat itself, this volatility won’t end until
April 6 next year. Master Kenobi opined that the market is
currently in the first and likely the most critical stage of
capital rotation from Bitcoin profits. Once the market moves
past this period of capital rotation, Master Kenobi predicts that a
massive drop in dominance will follow, which, on the other hand,
can be interpreted as the start of the altcoin season. Master
Kenobi stated that even if the bull market extends beyond April 6,
this period will likely be the most prolific for most
altcoins. Master Kenobi noted that the bottom in the Bitcoin
price dominance on May 14, 2021, coincided with the first peak of
the crypto market during the 2021 bull run. The analyst expects a
similar pattern to unfold this time around. Meanwhile, the analyst
indicated that the bottom in the dominance could happen at the
beginning of March instead of April 6. From The Bitcoin
Halving Perspective Master Kenobi also used the Bitcoin
halving date as a reference point to prove that the Bitcoin price
dominance could move along with these timelines. He noted that in
the previous cycle, there was a short interval (four days) between
the one-year anniversary of the Bitcoin halving on May 11 and the
first major bottom in dominance on May 15. Related Reading:
Dogecoin Price On Its Way To $1: Why A Retest Of $0.48 Is More
Important Than Anything In line with this, the analyst remarked
that the timeline for the bottom in the Bitcoin price dominance
(which would also mark the peak for the crypto market) can extend
beyond April 20 to April 23, 2025. Master Kenobi cautioned that the
exact date for the market peak cannot be pinpointed at this
moment. However, as time passes, he believes that there is a
likelihood that he will be able to pinpoint with greater accuracy
the date when the first phase of the bull market will end. At
the time of writing, the Bitcoin price is trading at $100,300, down
in the last 24 hours, while its dominance is at 55.13%, according
to data from CoinMarketCap. Featured image created with
Dall.E, chart from Tradingview.com
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