BTC.D >> Bitcoin Dominance targets in 2020-2021
Hi everyone,
I believe this space (cryptoland) is becoming very interesting as dominance slowly is shifting away from Bitcoin into some major alts whose projects have excellent execution and increasing/promising use cases as time progresses. Bitcoin continues to be a great store of value yet some alts are beginning to steal the show. It is my conviction that Bitcoin dominance is in a multi-year ABC correction (beginning 2017) having completed the A wave in 2018 & B wave (relief bounce) in 2019 & has begun the C wave a number of weeks ago.
Important note: With bitcoin dominance generally being in a downtrend over the coming year or two, this does NOT mean at all that the Bitcoin price won't appreciate. On the contrary: As its market cap dominance decreases, Bitcoin will continue to increase in price and adoption. It is a common misconception that Bitcoin price is positively correlated dominance needs to increase in order . Truth is: the correlation is very low.
Anyway, back to the chart: we present 4 targets for Bitcoin dominance which we think will play out in 2020-2021. Breaking the 50-53% level triggers another roaring alt season, not unlike the one of EOY 2017. By that time, Bitcoin would have likely surpassed $20k (its previous ATH) and so investors and traders would begin diversifying their bitcoin gains heavily into the Altcoins.
The targets presented are very technical, actually, based on multiple Fibonacci retracement analyses. We believe the end of the C wave would show an ATL Bitcoin dominance of 25%. AT that point, you can be almost sure that the bull cycle has ended and cryptoland is entering another multi-year winter (bear market).
Cheers,
Leb Crypto
I believe this space (cryptoland) is becoming very interesting as dominance slowly is shifting away from Bitcoin into some major alts whose projects have excellent execution and increasing/promising use cases as time progresses. Bitcoin continues to be a great store of value yet some alts are beginning to steal the show. It is my conviction that Bitcoin dominance is in a multi-year ABC correction (beginning 2017) having completed the A wave in 2018 & B wave (relief bounce) in 2019 & has begun the C wave a number of weeks ago.
Important note: With bitcoin dominance generally being in a downtrend over the coming year or two, this does NOT mean at all that the Bitcoin price won't appreciate. On the contrary: As its market cap dominance decreases, Bitcoin will continue to increase in price and adoption. It is a common misconception that Bitcoin price is positively correlated dominance needs to increase in order . Truth is: the correlation is very low.
Anyway, back to the chart: we present 4 targets for Bitcoin dominance which we think will play out in 2020-2021. Breaking the 50-53% level triggers another roaring alt season, not unlike the one of EOY 2017. By that time, Bitcoin would have likely surpassed $20k (its previous ATH) and so investors and traders would begin diversifying their bitcoin gains heavily into the Altcoins.
The targets presented are very technical, actually, based on multiple Fibonacci retracement analyses. We believe the end of the C wave would show an ATL Bitcoin dominance of 25%. AT that point, you can be almost sure that the bull cycle has ended and cryptoland is entering another multi-year winter (bear market).
Cheers,
Leb Crypto