Bitcoin Dominance and Analyst Predictions
Bitcoin dominance has reached 51.24%, indicating a potential altcoin rally. Analyst Michaël Van de Poppe believes that history is repeating itself and that altcoins will outperform Bitcoin if it bottoms out.
Another analyst, CrediBULL Crypto, suggests that Bitcoin needs to break above the $42,500 level for a complete reversal of the bearish trend. Failing to do so could result in further lows.
The analyst also notes that the $40,000 to $40,500 range has acted as strong support for Bitcoin and could serve as a reliable bottom zone.
BTC Price Action
Bitcoin is currently trading near $41,500, down 15% from its post-ETF approval high of $48,969. However, the price has seen a slight rebound. As of now, BTC is up 0.63% at $41,627.47.
The market cap of Bitcoin stands at $816.51 billion, with a trade volume decrease of 16.81% in the past 24 hours to $22.17 billion.
Hot Take: What’s Next for Bitcoin?
As Bitcoin continues to experience lower lows and struggles to break key resistance levels, analysts are divided on its future trajectory. While some believe that a bottom may be near and an altcoin rally is on the horizon, others caution that Bitcoin may face further downside if it fails to break above crucial levels. With Bitcoin dominance at its peak and the upcoming halving event, the crypto market remains uncertain. Keep a close eye on Bitcoin’s price action and the performance of altcoins for potential investment opportunities.
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