• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Bitcoin Dominance Reversal At Key Level Points To Sustained Altcoin Rally

Tony Spilotro by Tony Spilotro
10 months ago
in Cryptocurrency news, Bitcoin
Reading Time: 2min read
bitcoin btc dominance altcoins crypto
Advertisement

Bitcoin’s halving is here in just one week, and the first-ever cryptocurrency is widely expected to rally as a result.

But Bitcoin dominance has been consolidating at a key level. This could indicate that altcoins will soon outperform BTC with a sustained rally over the next several years.

BTC Dominance Reached 0.5 Fib Level, Key Area for Reversals To Take Place

The crypto hype bubble and Bitcoin bull run that swept the public up in its storm also brought BTC dominance to the lowest point ever.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

After the crypto market peaked in late 2017 and early 2018, BTC dominance went on a tear. The recovery rally saw BTC dominance annihilating altcoins in its wake.

Related Reading | Published Author and Altcoin Trader Highlights 5 Crypto Set to Outshine Bitcoin 

When Bitcoin began trading at over $10,000 once again in mid-2019, altcoins were further decimated.

Dominance peaked at over 70% and has since fallen back to around 67%. The key level represents a full 50% retracement in BTC dominance.

According to Fibonacci retracement levels, 50% or the 0.5 Fibonacci level, is an ideal reversal point. This is the level at which investors and traders see enough reward to take the risk of entering a position in altcoins.

The ancient math is commonly used to find levels of support and resistance.

BTC.dom retracement oscillating around the 50% level….. pic.twitter.com/a1Ku9j6iEW

— dave the wave (@davthewave) May 6, 2020

Bitcoin Halving Was The Spark That Set Off Alt Season For the First Time

Altcoins across the board remain down by as much as 90% in some cases. These vastly oversold assets have taken such a beating, a recovery cannot be ruled out.

The major factor that makes an altcoin season seem impossible, is due to the Bitcoin halving.

Most crypto traders who have spent ample enough time in the market, have realized the odd correlation between BTC and alts.

When Bitcoin rises, alts crash. When Bitcoin crashes, altcoins do also. The assets tend to perform the best when Bitcoin price trades sideways.

Related Reading | Experienced Altcoin Trader Outlines Expectations For Bitcoin and Alt Bull Cycles 

So with Bitcoin expected to explode with the halving finally here, why would altcoins suddenly now rally?

In a strange turn of events, it was the Bitcoin halving that sparked the first-ever altcoin season.

The below BTC dominance price chart has BTCUSD price action overlayed behind it in black. Red dotted lines indicate each Bitcoin halving.

btc dominance bitcoin altcoins

Note that in mid-2016, coinciding with the halving, BTC dominance actually saw a strong impulse down, kickstarting the crypto hype bubble.

With BTC dominance potentially breaking down once again, and at a key reversal level while altcoins everywhere are showing signs of bottoming, could point to altcoin overperformance even with Bitcoin’s halving here.

If history repeats, the currently 50% level will indeed act as a reversal point, and altcoins will have explosive impulses within the next few weeks or months.

Is the next alt season finally upon us?

Tags: alt seasonaltcoinsbitcoinbitcoin dominancebtcbtc dominancebtcusdcryptohalving
TweetShare14
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

Related Posts

Fastswap

FastSwap Set for Liquidity Aggregator and Binance Smart Chain Migration

56 mins ago
Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

2 hours ago
bitcoin collateral

Summing Up The Case For Bitcoin As The Future Of Collateral

12 hours ago
Algorand, OKEx

OKEx Announces Support for USDT and USDC Stablecoins on the Algorand Blockchain

18 hours ago
hashbon

How to Get 0% Commission for Accepting Crypto Payments – Meet Hashbon and Its Native Token

19 hours ago
payment gateway

Open Source vs. Ready-Made Payment Gateways: Which Crypto Processing Option Is Easier to Implement

20 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Oxygen Protocol to List OXY Tokens on BitMax

February 24, 2021

HOPR Hosts Global Token Launch Event on February 24th after First-Of-Its-Kind DAO Experiment

February 24, 2021

Egoras- a Decentralized Finance Ecosystem for Growing Markets!

February 23, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.