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Home Cryptocurrency news Bitcoin

Bull Flag Forming On Bitcoin Dominance Could Deal Crushing Blow to Altcoins

Tony Spilotro by Tony Spilotro
7 months ago
in Bitcoin
Reading Time: 2min read
bitcoin btc dominance crypto altcoins
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Browsing through crypto Twitter or any Bitcoin or cryptocurrency-related subreddit, lately, there’s been talk of an altcoin season brewing right under the noses of crypto investors everywhere.

However, a bull flag forming on BTC dominance could not only keep an alt season from occurring, but it could also deal altcoins a crushing blow and bring their valuations a lot closer to zero.

Cryptocurrency Market Reaches a Pivotal Moment For Bitcoin and Altcoins

The cryptocurrency market is at a critical junction. Bitcoin sentiment is bullish once again. Fundamentals are screaming buy, and technicals point to the asset’s long-term uptrend resuming.

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The same can’t be said for altcoins, which seem to be struggling to find momentum alongside the first-ever cryptocurrency.

Even clear breakouts through over 800-days of downtrend resistance have thus far failed to reignite the interest in the altcoin space that once was.

Related Reading | Venture Capitalist: Crypto Gains Won’t Come As Easy During Next Bull Run 

Venture capitalists conclude that the days of easy money in crypto are likely over. Some analysts even claim that these assets will never revisit their former all-time high valuations, while others believe that altcoins will eventually go to zero.

If a chart pattern in BTC dominance charts confirms as valid, altcoins will soon find themselves a lot closer to zero, as Bitcoin could soon eclipse the alternative crypto assets.

BTC Dominance Could Spike to 85% If Bull Flag Pattern Confirms

Bitcoin’s last halving kick-started the first-ever altcoin season, but this time around, alts have only suffered. The suffering may pick up in severity, according to BTC dominance charts which are signaling continuation to the upside with a clear bull flag formation.

Bull flags are often continuation patterns, and typically break bullish to the upside. Bull flags have a tendency to trend downward before the upward breakout, further shocking bears with a powerful pump.

These moves are calculated by taking the flag pole and adding its length to the top of the pattern where the breakout occurs.

bitcoin btc dominance crypto altcoins

In the chart above, at the end of the crypto bubble, BTC dominance formed a W-shaped double bottom.

The initial rise from there formed a bull flag and downward sloping channel. This pattern eventually broke up, confirming the bull flag pattern as valid.

After another measured move matching the height of the first flag pole, another bull flag appears to be forming.

Related Reading | Chartered Market Technician Claims Crypto Poised For Strong Uptrend 

If this, second, downward sloping channel breaks upward, it could send BTC dominance to nearly 85%.

Such a move would either require an enormous move in Bitcoin to the upside that isn’t reflected in altcoins, or altcoins will bleed into Bitcoin in a big way.

Tags: altcoinsbitcoinbitcoin dominancebtc dominancebtc.dbtcusdBTCUSDTcryptoxbtusd
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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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