The previous 13 predictions came true! Here’s New Bitcoin and Altcoin Forecast
A metric that weighs all of Bitcoin’s market value against other crypto assets, BTC dominance has been falling in recent weeks, giving many small altcoins the focus of attention. However, according to a fairly reliable indicator, the short-lived altcoin season may suddenly end.
Critical prediction: Bitcoin domination may increase suddenly and altcoins may crash
Bitcoin is the first cryptocurrency and everything else in the market depends on BTC, from Ethereum to Dogecoin. Although these assets are very closely related, their relation to the price movement is incredibly unusual. Most of the time, while Bitcoin is being pumped, altcoins display a similar growth trend in terms of USD value. In some cases, altcoin capital flows directly into Bitcoin and BTC increases its parabolic rise. When bitcoin crashes, altcoins often do more losses. The main medium for altcoins to shine is when Bitcoin is trading sideways.
Since each altcoin is unique and has its own price chart in terms of USD and BTC pairs, crypto analysts often look at a holistic metric like BTC domination to shed light on what could happen between Bitcoin and altcoins. Before Bitcoin’s 2 016 halving, BTC dominance had not dropped below 97%. It then experienced an unprecedented 35% drop in the crypto boom. Since then, BTC domination rose to 73% before falling to current levels. However, according to a signal with a high success rate, there may be a reversal in the market to retest the above highs.
TD Sequential indicator indicates a collapse in altcoins
The TD Sequential indicator offered a purchase setup on BTC.D price charts, which show Bitcoin’s weight relative to the rest of the crypto market. Although it is controversial how effective it is to use BTC domination tables to analyze crypto assets , the signal itself has proven to be quite accurate over and over again in the crypto market. The metric created by market expert Thomas Demark called Bitcoin the highest level of $ 20,000, the bottom price of $ 3,200, and another bottom price of $ 6,400 last year.
Even the metric signaled a sell signal that lowered Bitcoin price to about $ 4,000 just before the historic Black Thursday market crash. Apart from that, the indicator has many successful signals. Altcoins have been suffering against Bitcoin for two years and are late for recovery. If the signal on the TD Sequential indicator shows correct, we may have to wait a little longer for altcoins to rise.