Veteran Bitcoin analysts say current Bitcoin dominance pattern is very important

Peter Brandt said that the current Bitcoin trade price is at a turning point for a huge shift, as dominance hints.

Just a few hours ago Bitcoin, a top crypto asset by market cap, was trading at $27,600. Now the current trade price of Bitcoin is $28,032 & this trade price is 2% down over the last 24 hours trade price.

Just a day ago, a popular analyst shared his view on the current situation of the Bitcoin dominance pattern and noted that Bitcoin dominance saw significant up & downs between 2021 to 2023 but maintained a rectangular range.

Further, he said that the pattern is showing the bullish behavior of Bitcoin performance and surely increasing Bitcoin dominance in the crypto market will make Bitcoin at the top of the hill.

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The Bitcoin % Dominance chart has now formed a 24-month rectangle with multiple upper and lower boundary contacts. For now this is the confining range. However, a decisive breakout of this range would have huge significance. My bias is that Bitcoin will bury all pretenders $BTC.… pic.twitter.com/KCS9Pt5dMx

— Peter Brandt (@PeterLBrandt) April 29, 2023

Also, Caleb Franzen, a research analyst at Cubic Analytics, shared his opinion on the Bitcoin dominance pattern he said that we should not blindly consider that Bitcoin dominance will skyrocket and also he believes that it is a very important point for Bitcoin & here we should wait to see the next decisive breakout or rejection on this range to predict the Bitcoin dominance.

People are predicting that #Bitcoin dominance will skyrocket.

Here's my take: I don't know yet b/c we haven't seen a decisive breakout or rejection on this range.

Once we get clarity around this major resistance level, I'll listen to what the market is telling me. #FreeAlpha pic.twitter.com/G4vdenezbY

— Caleb Franzen (@CalebFranzen) April 30, 2023

Another analyst  “Titan of Crypto” also shared his personal opinion on Bitcoin dominance and he showed that it is a perfect time to keep attention on the current Bitcoin dominance pattern because it is near a breakout point & if the pattern will surpass this point then surely we can say Bitcoin season started. 

Is #Bitcoin Season about to start?(M) #BTC Dominance is breaking out of the range & of the bullish W structure as well.
If it closes the monthly candle above the range, #BTCD might head up to Kijun at 51.12% (currently).
Meanwhile alts might suffer a bit. pic.twitter.com/cuAojSgb34

— Titan of Crypto (@Washigorira) April 30, 2023

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Veteran Bitcoin analysts say current Bitcoin dominance pattern is very important

 

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