Bitcoin Price Dominance And Altcoin Season: What The Sudden Volatility Means For The Market
Crypto analyst Master Kenobi has provided extensive analysis, which discusses the Bitcoin price dominance and altcoin season. In his analysis, Master Kenobi also revealed what this sudden volatility means for the market.
Where The Bitcoin Price Dominance Is Headed
In an X post, Master Kenobi stated that the Bitcoin price dominance was meant to have begun its decline yesterday. However, the drop started 20 days earlier than anticipated. The crypto analyst added that. Having recorded three consecutive red weeks, Bitcoins dominance has entered a phase of volatility that could last for some time.
The analysts accompanying chart showed that the Bitcoin price dominance experienced this volatility phase for 136 days. If history were to repeat itself, this volatility wont end until April 6 next year. Master Kenobi opined that the market is currently in the first and likely the most critical stage of capital rotation from Bitcoin profits.
Once the market moves past this period of capital rotation, Master Kenobi predicts that a massive drop in dominance will follow, which, on the other hand, can be interpreted as the start of the altcoin season. Master Kenobi stated that even if the bull market extends beyond April 6, this period will likely be the most prolific for most altcoins.
Master Kenobi noted that the bottom in the Bitcoin price dominance on May 14, 2021, coincided with the first peak of the crypto market during the 2021 bull run. The analyst expects a similar pattern to unfold this time around. Meanwhile, the analyst indicated that the bottom in the dominance could happen at the beginning of March instead of April 6.
From The Bitcoin Halving Perspective
Master Kenobi also used the Bitcoin halving date as a reference point to prove that the Bitcoin price dominance could move along with these timelines. He noted that in the previous cycle, there was a short interval (four days) between the one-year anniversary of the Bitcoin halving on May 11 and the first major bottom in dominance on May 15.
In line with this, the analyst remarked that the timeline for the bottom in the Bitcoin price dominance (which would also mark the peak for the crypto market) can extend beyond April 20 to April 23, 2025. Master Kenobi cautioned that the exact date for the market peak cannot be pinpointed at this moment.
However, as time passes, he believes that there is a likelihood that he will be able to pinpoint with greater accuracy the date when the first phase of the bull market will end.
At the time of writing, the Bitcoin price is trading at $100,300, down in the last 24 hours, while its dominance is at 55.13%, according to data from CoinMarketCap.
Read more: https://www.newsbtc.com/news/bitcoin/bitcoin-price-dominance-altcoin/
Text source: NewsBTC
