Michaël van de Poppe, one of the most well-known analysts in the cryptocurrency world, explained in his statement the effect of the recently rising Bitcoin price on BTC dominance and his predictions about dominance.
According to the analyst, in previous four-year cycles, Bitcoin’s dominance reached a peak before each halving. Van de Poppe argues that since BTC Spot ETFs are on the verge of approval, dominance has made its last upward move and will then enter a correction period.
The analyst suggests that the peak in BTC dominance is currently occurring and this will have a positive impact on altcoins.
In addition, Arbitrum (ARB), which has experienced an impressive rally of 35% in the last week, was also evaluated by the analyst. According to the analyst, there is currently a clear uptrend in the ARB price, and with the retest of previous resistances, they appear to be turning into support.
According to the analyst, if this pattern continues, the $2 level may be exceeded after the region between $1.50 and $1.60 is retested. ARB price is trading at $1.75 at the time of writing this article. The all-time high in the ARB price, excluding the initial issue price, was recorded at $1.78 in April last year.
*This is not investment advice.
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Source: https://en.bitcoinsistemi.com/when-will-bitcoin-dominance-fall-and-clear-the-way-for-altcoins-veteran-analyst-speaks/