The huge diversity in the crypto market has significantly diluted the Bitcoin market whereby the altcoin’s valuation is higher than the former’s by a whopping $70 billion. Nevertheless, Bitcoin’s market dominance could widen in the coming weeks as institutional investors globally stash digital assets in favor of traditional stocks.
As of Wednesday during the early Asian market, Bitcoin’s dominance according to market data provided by TradingView stood around 47.20 percent, down 0.2 percent in the past 24 hours.
The decline is largely due to the recent Ethereum breakout to an 8-month high of around $1,909. Additionally, some altcoins including Lido DAO (LDO), Avalanche (AVAX), Uniswap (UNI), and Dogecoin (DOGE) have signaled the onset of an alt season.
Bitcoin Price Rally
According to crypto analyst @CryptoFaibik, Bitcoin is about to break out from an ascending triangle on the daily, in a similar manner to Ethereum. The analyst insists the largest digital asset could rally as much as 13 percent to trade above $32k soon. Moreover, Bitcoin has a strong Q1 and the momentum could push the asset for another quarter before the bears re-enter the market again.
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As per analyst, the horizontal resistance level at 28.7k has been tested multiple times and appears to be weakening, which suggests that buyers may be gaining strength and could push the price higher. If Bitcoin can successfully break above the 28.7k resistance level, the analyst believes that it could experience a 10-12% bullish rally.
He also highlighted that Bitcoin’s daily close above 500 MA could officially stamp the onset of the macro bull run. Nevertheless, the global cryptocurrency regulations could delay the bull rally making the crypto winter longer.
Source: https://coinpedia.org/price-analysis/bitcoin-on-the-verge-of-breakout-btc-price-poised-to-surge-10-12-soon/