Bitcoin's dominance continues to climb within the large rising wedge formation that began back at the start of 2018. As we can see, there is a strong overall trend between rising dominance and falling crypto prices. In the coming weeks, dominance will have to make a choice: 1) climb higher or 2) breakdown the trend. IF the trend breaks we'll likely see a resurgence in altcoin prices, and some kind of resumption of a bullish trend in crypto. However, the odds are that we will see the dominance go higher, which could take altcoins to new lows and drag bitcoin down with them as capital flight resumes in the sector.
Overall, for 2020 I expect dominance to push 90% before tapering off as we move into 2021. This is consistent with one of my bitcoin models that shows the end of the crypto bear market around the beginning of 2021.
PS. If you found this idea useful/interesting be sure to follow me on my Twitter account where I post more frequently. The link can be found on my TradingView profile or @ErikFertsman.
Overall, for 2020 I expect dominance to push 90% before tapering off as we move into 2021. This is consistent with one of my bitcoin models that shows the end of the crypto bear market around the beginning of 2021.
PS. If you found this idea useful/interesting be sure to follow me on my Twitter account where I post more frequently. The link can be found on my TradingView profile or @ErikFertsman.
