A popular crypto strategist says that the current Bitcoin (BTC) rally is mirroring a pattern that preceded the king crypto’s massive eruption in 2019.
Pseudonymous analyst Smart Contracter tells his 218,100 Twitter followers that Bitcoin is likely to dominate the crypto markets in a repeat performance of its 2019 burst.
“BTC finally broke its $18,400 horizontal highs. BTC dominance going on run and most conditioned to be all in alts. [Definitely] starting to feel more and more like an April 2019 moment every day.”
BTC opened in April 2019 at $4,102 and ended in June 2019 having hit a high of $13,970 – a 240% gain.
Smart Contracter’s charts also include the Bitcoin Dominance index (BTC.D). The BTC.D chart tracks how much of the total crypto market capitalization belongs to Bitcoin. A bullish BTC Dominance suggests Bitcoin is rising faster than other crypto assets, or altcoins are losing value while the leading crypto surges.
In a strategy session video update, the analyst says that for now, traders should keep a close watch on Bitcoin.
“I do believe Bitcoin is going to outperform alts… Bitcoin dominance looks like it’s having a nice strong bounce here. I think this is a fairly significant move on Bitcoin dominance. It’s obviously still in an uptrend. So I do think Bitcoin dominance is going to outperform. Now that we’ve got confirmation, in my opinion, that Bitcoin is going to go higher, I think it’s going to be time to focus on Bitcoin and not alts.”
At time of writing, Bitcoin is valued at $20,956, up over 11% in the last 24 hours.
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Source: https://dailyhodl.com/2023/01/14/top-crypto-analyst-says-bitcoin-mirroring-2019-pattern-that-preceded-massive-240-rally-here-are-his-targets/