What The Sudden Volatility Means For The Market
cryptocurrency analyst Master Kenobi Extensive analysis is provided, discussing Bitcoin price dominance and altcoin season. In his analysis, Master Kenobi also revealed what this sudden fluctuation means for the market.
Where will Bitcoin price dominance go?
in a X postsMaster Kenobi says Bitcoin price dominance should have started falling yesterday. However, the decline started 20 days earlier than expected. the cryptocurrency analyst added. Bitcoin in the red for three weeks in a row dominance It has entered a volatile phase that may last for some time.
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Analyst’s chart shows Bitcoin price dominance It went through this fluctuation phase for 136 days. If history repeats itself, this volatility will not end until April 6 next year. Master Kenobi believes that the market is currently in the first and possibly the most critical stage of Bitcoin’s profitable capital rotation.
Master Kenobi predicts that once the market gets through this capital rotation period, dominance will drop significantly, while on the other hand, this can also be interpreted as the beginning of the “capital rotation period.” altcoin season. Master Kenobi said that even if the bull market extends beyond April 6, this period will likely be the most prolific for most altcoins.
Master Kenobi noted that Bitcoin price dominance bottomed out on May 14, 2021, coinciding with the first peak in the cryptocurrency market during the 2021 bull run. Analysts expect a similar pattern to emerge this time around. Meanwhile, analysts say the bottom in dominance may come in early March rather than April 6.
From the perspective of Bitcoin halving
Master Kenobi also used Bitcoin Halving The dates serve as reference points to demonstrate how Bitcoin’s price dominance may change along these timelines. He noted that in the previous cycle, there was a brief gap (four days) between the one-year anniversary of Bitcoin’s halving on May 11 and the first major bottom on May 15.
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In line with this, the analyst said that the bottom time for Bitcoin price dominance, which would also mark the top of the cryptocurrency market, may be extended beyond April 20 to April 23, 2025. Master Kenobi warned that a specific date for the market’s peak cannot yet be determined.
However, as time goes by, he believes he may be able to more accurately date the first phase. bull market will end.
At the time of writing, Bitcoin price is trading at $100,300, having fallen in the past 24 hours, while its dominance stands at 55.13%. data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
