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Home Cryptocurrency news

Crypto Analyst: Bitcoin (BTC) Dominance May Reach 80%, Altcoins Expected to Bleed

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin, Ethereum, Litecoin, Ripple
Reading Time: 3min read
Crypto Analyst: Bitcoin (BTC) Dominance May Reach 80%, Altcoins Expected to Bleed
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The crypto market is at what may be its most important moment yet. Bitcoin is at weekly resistance  – and its the only thing separating Bitcoin price from reclaiming the previous all-time high of $20,000. Meanwhile, the rally has caused Bitcoin dominance to spike, and if it continues to rise in such a fashion, according to one crypto analyst it could reach an extended “5th wave” and take it to as much as 80% dominance.

The move would almost certainly decimate the altcoin market, which is already on thin ice, following a divergence in the often correlated digital assets that began back in April. 

Bitcoin Price Struggles with $13,000 But FOMO Keeps BTC Dominance Growing

Bitcoin is currently priced at $12,500 after ping-ponging between $10,000 where FOMO first began, and the powerful resistance at $13,800 that rejected Bitcoin’s parabolic climb from the December 2018 bottom at $3,200.

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Related Reading | Bitcoin Dominance Reaches Highest Level Since December 2017, What Happens Next?

Along the way in April, when Bitcoin rallied $1,000 in a matter of hours, altcoins began to diverge causing BTC dominance to climb from previous lows. Once it claimed 60% as support, the altcoin market has shown signs that a capitulation event like what was seen with Bitcoin back in November when it fell through support at $6,000.

Things could only be getting worse for the alternative crypto assets, according to one crypto analyst. The analyst shared a chart along with the query “is your portfolio ready for BTC dominance pull an extended 5th wave?”

Is your portfolio ready for BTC dominance pull an extended 5th wave?

If this plays out I expect 80% BTC dominance and alts to bleed like you could NOT imagine.

The corn should be always be a part of your portfolio pic.twitter.com/GUyfBAEgW7

— Murfski (@Murfski_) July 8, 2019

If it does, the analyst says that altcoins – such as Ethereum, Ripple, and Litecoin, will “bleed like you could not imagine,” and leaves a stark warning for investors to always keep a healthy portion of one’s crypto investments in Bitcoin only.

BTC Maximalists Rejoice as Altcoin Market Bleeds Out

While Bitcoin may be a risky, volatile asset all in of itself, Bitcoin is far more favored among investors, especially institutional investors. BTC is also the most regulated crypto asset, and is welcomed by most governments. It also has the strongest brand power, is the most well-known, has a head start advantage, and so many other reasons why Bitcoin would succeed over any of the coins pitched as its replacement.

Related Reading | Crypto Analysts Call For the Death of Altcoins, But It Could Be a Lucrative Buy Signal 

The market regularly shows that Bitcoin maximalism might be the healthiest strategy for investors, and until altcoins capitulate and finally put in their low, they are likely going to continue to vastly underperform Bitcoin in the coming months, especially if BTC dominance pulls this extended 5th wave, which according to Elliott Wave Theory would suggest more upside before the trend begins to correct.

Featured image from Shutterstock
Tags: altcoinsbitcoinbtc dominancecapitulatoncrypto
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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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