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Home Cryptocurrency news Bitcoin

Approach Altcoins With Caution: Bitcoin Dominance Paints Foreboding Pattern

Tony Spilotro by Tony Spilotro
7 months ago
in Bitcoin, Cryptocurrency news, Technical analysis
Reading Time: 3min read
bitcoin dominance altcoins caution crypto

XRP to Remain a Cautionary Crypto Investment in 2020; Here's Why

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Following Bitcoin’s big breakout weeks ago, altcoins have been rallying left and right. Several majors, mid, and small-cap altcoins have outperformed the first-ever cryptocurrency by a large margin. All that may soon turn around, however, according to a foreboding bottoming pattern that may be forming on BTC dominance charts.

If the pattern confirms, altcoins are in for another major collapse at the hands of Bitcoin.

Adam and Eve Bottom On BTC Dominance Could Deal Altcoins A Crushing Blow

BTC dominance is a metric used to weigh Bitcoin against all other altcoins in the cryptocurrency space. However, crypto analysts often use it to perform technical analysis just as they would any other price chart of financial assets. Plenty of pundits argue the benefit of doing such, but still, its commonly looked at to gain an overall perspective on the market.

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Bitcoin long ago enjoyed the lion’s share of the crypto market dominance, at well over 90%. The crypto bull run and bubble in 2016 caused the metric to slide all the way to a low of 35% in January 2018 – just as the bubble began to burst.

Related Reading | Be Fearful: Crypto Market Greed Reaches Second Highest Point In History

Altcoins have steadily bled out since, culminating in a BTC dominance peak at 73% in 2019 as Bitcoin touched $14,000 per coin. After that high was set, altcoins have been recovering.

A breakdown in dominance recently led to an eruption in altcoins dubbed an alt season, driven in part by DeFi tokens, decentralized oracles, and major altcoins like Ethereum, XRP, and others.

But that breakdown may have formed a foreboding bottoming pattern, that if confirms, will crush alts back to valuations not seen since before the bubble.

bitcoin btc dominance adam and eve bottom

BTC Dominance Weekly Adam and Eve Bottom | Source: TradingView

Bull Flag Patterns Match Similar Breakout Target If Bitcoin Outperforms Alts

According to BTC dominance charts on one-week timeframes, an Adam and Eve bottom may be forming. The pattern also appears to be a high timeframe fractal, repeating already after the metric bottomed out in 2018.

Related Reading | Crypto Is Up Over 80% in 2020—and Google Users Are Taking Notice

Adam and Eve bottom formations are a type of double bottom, where a sharp, V-shaped pattern serves as the first bottom, followed by a rounded bottom of a similar degree.

Targets are taken from the bottom to the high point of the pattern, putting future BTC dominance targets at as high as 80%.

 

bitcoin btc dominance bull flag

BTC.D Weekly Bull Flag Pattern | Source: TradingView

Another take on technical analysis shows what appears to be yet another massive bull flag responding to the lower trendline of the chart pattern. If BTC.D bounces here, altcoins could see a strong correction.

And if the upper trend line breaches, altcoins are in for another round of devastation due to Bitcoin outperforming the rest of the market.

Tags: altcoinsbitcoinbitcoin dominancebtc dominancebtc.dbtcusdBTCUSDTcryptoxbtxbtusd
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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.

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