A closely followed crypto analyst says that Bitcoin may have one last breakout rally before altcoins start to outperform BTC.
The pseudonymous analyst known as Rekt Capital tells his 546,300 followers on the social media platform X that the Bitcoin dominance (BTC.D) metric may soon peak, opening the doors for altcoins to ignite explosive moves to the upside.
[adinserter block="1"]BTC.D calculates how much of the crypto market cap belongs to BTC. A peaking Bitcoin dominance chart suggests that altcoins are close to outshining BTC.
“Bitcoin dominance has one final leg left in its macro uptrend on the road to 71% (red). Any dips into 64% would constitute a retest. A successful retest would enable final trend continuation on the road to 71% (green box).”
At time of writing, Bitcoin dominance currently stands at 64.82%.
Next up, the analyst says that Bitcoin needs to hold a key support level at $93,500 on the weekly chart to maintain bullish momentum.
“Bitcoin has rejected from the lower high resistance (black diagonal). Going forward, Bitcoin will need to hold the $93,500 range low to fully confirm a reclaim of the range.”
Lastly, the analyst says Bitcoin may follow a similar pattern seen in April of 2024 on the weekly chart, eventually hitting new all-time highs if it plays out.
“This idea was first explored in mid-October 2024 and actually ended up playing out. It would be poetry if Bitcoin repeated history and followed through on the same path in this current range as well. For history to repeat, BTC would need to:
- Reject from $99,000.
- Hold $93,500.
- Break $97,000-$99,000.
- Reject from $104,500.
- Hold $97,000-$99,000 as support.
- Breakout to new all-time highs.”
Bitcoin is trading for $94,604 at time of writing, down 1.1% in the last 24 hours.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
