The S&P, Bitcoin Dominance, and a Brewing Altcoin Setup – Here’s What’s at Stake
- Bitcoin dominance pauses at Fibonacci levels, targeting 66% soon.
- Ethereum’s fair value and altcoin rally depend on conditions.
- Bitcoin’s price may reach $120K-$170K if macroeconomic conditions stay stable.
Right now, one of the biggest things traders are watching is Bitcoin dominance, and how it’s moving through some pretty familiar patterns. Bitcoin dominance seems to follow certain patterns, especially when it hits key Fibonacci levels.
When it reaches these levels, it usually pauses for a bit before continuing to rise. The next target could be around 66%, which lines up with a trend seen in Bitcoin pairs.
Analyst Benjamin Cowen believes this could be a short-term goal and might even represent the peak of the cycle.
Bitcoin, Stablecoins, and Why the Next Move Could Be Big
He also tracks a metric that combines Bitcoin dominance with USDT and USDC dominance. In the last cycle, this metric peaked at 75%, and it could do the same this time.
He believes once quantitative tightening winds down, we’ll probably see a big shift across the crypto market. Until then, Bitcoin’s dominance could keep climbing, leaving alt…
The post The S&P, Bitcoin Dominance, and a Brewing Altcoin Setup – Here’s What’s at Stake appeared first on Coin Edition.
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The S&P, Bitcoin Dominance, and a Brewing Altcoin Setup – Here’s What’s at Stake
- Bitcoin dominance pauses at Fibonacci levels, targeting 66% soon.
- Ethereum’s fair value and altcoin rally depend on conditions.
- Bitcoin’s price may reach $120K-$170K if macroeconomic conditions stay stable.
Right now, one of the biggest things traders are watching is Bitcoin dominance, and how it’s moving through some pretty familiar patterns. Bitcoin dominance seems to follow certain patterns, especially when it hits key Fibonacci levels.
When it reaches these levels, it usually pauses for a bit before continuing to rise. The next target could be around 66%, which lines up with a trend seen in Bitcoin pairs.
Analyst Benjamin Cowen believes this could be a short-term goal and might even represent the peak of the cycle.
Bitcoin, Stablecoins, and Why the Next Move Could Be Big
He also tracks a metric that combines Bitcoin dominance with USDT and USDC dominance. In the last cycle, this metric peaked at 75%, and it could do the same this time.
He believes once quantitative tightening winds down, we’ll probably see a big shift across the crypto market. Until then, Bitcoin’s dominance could keep climbing, leaving alt…
The post The S&P, Bitcoin Dominance, and a Brewing Altcoin Setup – Here’s What’s at Stake appeared first on Coin Edition.
Read More