Bitcoin Dominance could lead an Alt season as early as July 2023
Bitcoin dominance has been regarded as the single most important indicator for rotation into the alt market for the last three consecutive cycles. Could the pattern repeat a fourth time?
Here are my thoughts;
1. Watching BTC.D rise to the intended target (blue line) makes me think that we could see the following; BTC moving higher & alts dropping again. Another possibility could be; a continuing rise in BTC.D while BTC goes sideways until BTC.D reaches the MA. Then the alt market takes the lead
2. At the target MA I expect a strong rejection and a rotation of capital from BTC to the wider market.
3. Final thought. BTC.D is the only chart where I have to train my mind to forget the sequence of goldfish strategy.
4. It is possible that BTC.D reverses the downtrend and continues dominating the market but the truth is that BTC does not have the best technology available. Yes it is secure but fees and transaction fees will continue to allow for other currencies to take a share of the market.
Here are my thoughts;
1. Watching BTC.D rise to the intended target (blue line) makes me think that we could see the following; BTC moving higher & alts dropping again. Another possibility could be; a continuing rise in BTC.D while BTC goes sideways until BTC.D reaches the MA. Then the alt market takes the lead
2. At the target MA I expect a strong rejection and a rotation of capital from BTC to the wider market.
3. Final thought. BTC.D is the only chart where I have to train my mind to forget the sequence of goldfish strategy.
4. It is possible that BTC.D reverses the downtrend and continues dominating the market but the truth is that BTC does not have the best technology available. Yes it is secure but fees and transaction fees will continue to allow for other currencies to take a share of the market.