Bitcoin Dominance Tipped To Hit 57% — Altseason Incoming?
The post Bitcoin Dominance Tipped To Hit 57% — Altseason Incoming? appeared on BitcoinEthereumNews.com.
In the past week, Bitcoin recorded a net negative performance translating into a 5.73% decline in market prices. However, the premier cryptocurrency boosted its market dominance amid this turbulence as the altcoins suffered a larger collective loss. Interestingly, popular market analyst Egrag Crypto predicts Bitcoin Dominance could soon retrace indicating a potential short-term bust for the altcoin market. Bitcoin Dominance Forms Adam & Eve Pattern – Key Levels To Watch As Bitcoin prices moved with much volatility in the past week, the asset’s crypto market dominance rose to 61.0%; meanwhile, Ethereum and other altcoins saw their market shares shrink by 1.99% and 2.38% respectively. Commenting on this development, Egrag Crypto notes that Bitcoin Dominance has now completed an Adam and Eve Pattern highlighting certain significant levels for its future trajectory. Generally, the Adam and Eve Pattern is a bullish reversal chart pattern that consists of two distinct bottoms. The highest point between these troughs acts as a resistance which a price break above confirms a bullish trend. Recently, Bitcoin Dominance moved above this neckline resistance (59%). However, Egrag Crypto explains a stronger resistance lies at 62.30% capable of forcing a pullback to around 61.50%. However, if Bitcoin Dominance fails to hold at this critical support level, a more pronounced decline could be in store, potentially driving Dominance to around 57%. In line with basic market dynamics, Egrag Crypto’s projection proving true would translate to a rise in altcoin market shares indicating a potential boost in altcoins prices in the short term. Is An Altseason Still Feasible? While Egrag Crypto’s prediction of a declining Bitcoin Dominance might mean some altcoins gain, the possibility of an altseason remains in the air. For context, the altseason marks a period in the bull run where altcoins outperform Bitcoin. This is indicated by a fall…
Filed under: News - @ February 8, 2025 8:13 pm