BTC loses bearish sentiment and prepares for a new liftoff aside from the few rare outliers in the past few years so let’s take a closer look at the bitcoin price news today.
Bitcoin proved to be a better investment compared to the other cryptocurrencies while altcoins like Ethereum and others have caught up just recently and the BTC dominance maintained the share of the crypto market cap. The dominance lost an important trendline that dates back four years to the peak of the last bull market and could suggest another turnaround that is about to happen on the market. These investors ended up learning the hard way that there’s no replacement for BTC and other altcoins dropped as well by about 99% while BTC wiped out 84% of the gains by comparison. Both scenarios are in the rearview right now and BTC has been in the lead.
The dominance reached a new low of 35% but remained above 63% which is a key level that was lost at the same time of the pivotal trendline formed and now there could be no over-performance in BTC for a year. The trendline in question dated back four years to the bull market peak which kept the dominance supported ever since. The dominance holds the key to unlocking the true potential of any season which the leading cryptocurrency by market cap kept locked away for a few years now.
Losing the previous long-term trendline resulted in a short-term consolidation followed by the large move lower and the bearish retest of 70% BTC dominance failed which send the crypto market metric lower to the second ascending trendline. With the 63% level being lost, the dominance should gravitate towards the mid-50% range allowing the altcoins to soar compared to BTC for an extended period of time. The altcoins will hold up better in a wider correction but the scenario looks unlikely as the riskier assets are more volatile and react sensitively to the crypto market selloff.
As BTC Loses bearish sentiment, it looks like it is poised to surge again, with many analysts predicting that this year the number one cryptocurrency will hit even triple-digit price levels.
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