Positive sentiment around Bitcoin, the largest cryptocurrency asset, is increasing significantly in the space as the coin is seeing a wave of bullish predictions from several market experts and enthusiasts, solidifying its stance as a leader in the general market.
Bitcoin Dominance Enters A Crucial Zone
As the market continues to rebound as a whole, Bitcoin is entering a key zone and is rapidly gaining market domination. The increasing dominance of Bitcoin indicates a change in perception among market players, who see it as a safer haven among the volatility of the larger cryptocurrency market.
Ash Crypto, a market expert and trader, pointed out the optimistic development on the X (formerly Twitter) platform, which has captured a lot of attention in the community. According to the expert, Bitcoin’s dominance at the moment is situated at 57%, which he considers an important zone.
In the event that Bitcoin breaks above the 58% level, Ash Crypto noted that BTC will undergo a major rally, further dominating the general market. However, should the level drop below 57%, altcoins will begin to pump, possibly leading to an altseason. Considering these developments, Ash Crypto anticipates a bullish fourth quarter of the year, due to the performance of the market within this period in the past.
Ash Crypto’s anticipation of a bullish pump for BTC could be part of his previous prediction when he foresees a $100,000 price level for the digital asset in the short term. The expert made the forecast during the heightened price fluctuations witnessed last week.
Following the decline, Ash Crypto believes that the drop is the last shakeout and dump before BTC will soar to the pivotal $100,000. Although the analyst is confident that $49,000 was the bottom, he noted that his worst-case scenario would still be close to $45,000 considering the stock market decline last month.
Given that the month of October often oversees a positive performance for BTC, the expert expects a big breakout within the month, potentially causing the coin to reach a new all-time high in Q4. “After that, massive altseason where we will see alts pump 20x – 50x from the bottom in just a few weeks or months,” he added.
Massive Upside Momentum Incoming
Julien Bittel, Global Macro Investor (GMI) head of research has also demonstrated his confidence in Bitcoin’s potential in the short term. He has predicted an incoming upside momentum for BTC, while pointing to striking similarities between this year’s price structure and the patterns seen in 2019, generating conjecture over the possibility of a 2019 rally replay.
It is interesting to note that, similar to 2019, BTC has been held up in a consolidation phase that has lasted exactly 175 days. Thus, Bittel claims that the coin is getting close to a critical juncture where things could start “moving in a big way,” noting that this week will be crucial to watch. “If the fractal holds, we could be looking at some serious upside momentum coming,” Bittel stated.
Featured image from Unsplash, chart from Tradingview.com
Credit: Source link
