Bitcoin Dominance (BTC.D) Heading Towards 2017 Lows
Quick update on my previous Bitcoin Dominance chart from earlier this year, looking at the weekly time frame.
The start of 2021 we saw BTC.D topped out at 70.21% and consistently fell until the market crashed in April - May. The Dominance % bounced off 44% and slowly started creeping back up. A major key in analyzing this trend was seeing that the dominance didn't even reject or touch the 50% dominance level, signaling that the move upwards was a relief rally and the downtrend will resume.
Taking a look at the 2017 move we saw it come all the way down to 35% in one straight shot, then a quick downturn to the 40% level. This time around, i'm believing that we're going to see the opposite where the Dominance first hit 40% and then the 2nd time around it comes down to hit the 35% level where it is finished from there.
Most of the major cap coins have not touched their ATH in respect to the BTC ratio and they need to before the altcoin season is finished. The small capped coins have basically all created new all time highs and surpassed their respective BTC ratio.
This 2nd altcoin season cycle should occur close to the end of this year, Q4 2021 going into Q1 2022 paired along with a spike in the price of Bitcoin and the rest of the crypto market.
History doesn't repeat itself, but it often rhymes.
The start of 2021 we saw BTC.D topped out at 70.21% and consistently fell until the market crashed in April - May. The Dominance % bounced off 44% and slowly started creeping back up. A major key in analyzing this trend was seeing that the dominance didn't even reject or touch the 50% dominance level, signaling that the move upwards was a relief rally and the downtrend will resume.
Taking a look at the 2017 move we saw it come all the way down to 35% in one straight shot, then a quick downturn to the 40% level. This time around, i'm believing that we're going to see the opposite where the Dominance first hit 40% and then the 2nd time around it comes down to hit the 35% level where it is finished from there.
Most of the major cap coins have not touched their ATH in respect to the BTC ratio and they need to before the altcoin season is finished. The small capped coins have basically all created new all time highs and surpassed their respective BTC ratio.
This 2nd altcoin season cycle should occur close to the end of this year, Q4 2021 going into Q1 2022 paired along with a spike in the price of Bitcoin and the rest of the crypto market.
History doesn't repeat itself, but it often rhymes.
