Bitcoin Dominance Will Hit 63% Soon, Analyst Warns Huge Capitulation for Altcoin Market

After the recent Bitcoin rebound toward $29k, its dominance has been gaining more ground against the altcoin market. According to the latest crypto market data, Bitcoin dominance teased around 60 percent on Wednesday after the asset’s valuation jumped approximately 2 percent in the past 24 hours to about $560 billion. Market experts forecast the recent Bitcoin rebound is likely to push the underlying value toward $31k

Higher Bitcoin Dominance Spells Doom for Altcoin Market

The rise of Bitcoin dominance is a huge relief for the entire crypto industry that had begun worrying about heightened regulatory scrutiny in the United States. Moreover, notable institutional investors in the United States have shown significant interest in the crypto market, thus highlighting more upside in the future.

According to a popular digital asset analyst on Twitter, Crypto Patel (@CryptoPatel), Bitcoin dominance is well positioned to rally towards 63 percent. The analyst added that if the 48 percent in Bitcoin dominance holds as a strong support level, then the altcoin market will drop as much as 60 percent from current levels.

“Caution: Stay away from altcoins in BTC pairs if Dominance Holds 48% Level,” the analyst noted.

Nevertheless, the altcoin market is likely to gain in value simultaneously with the Bitcoin industry amid heightened speculation.

In the past, the Bitcoin market has reversed without much warning, thus liquidating most traders. With Bitcoin halving a year away from happening, crypto traders should remain cautious of possible capitulation as Bitcoin solidifies a strong bottom for the bulls.