{"id":389359,"date":"2019-07-09T20:03:44","date_gmt":"2019-07-09T20:03:44","guid":{"rendered":"https:\/\/wncen.com\/?p=389359"},"modified":"2019-07-09T20:03:44","modified_gmt":"2019-07-09T20:03:44","slug":"crypto-analyst-bitcoin-btc-dominance-may-reach-80-altcoins-expected-to-bleed","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-analyst-bitcoin-btc-dominance-may-reach-80-altcoins-expected-to-bleed\/","title":{"rendered":"Crypto Analyst: Bitcoin (BTC) Dominance May Reach 80%, Altcoins Expected to Bleed"},"content":{"rendered":"

The crypto market is at what may be its most important moment yet. Bitcoin<\/a> is at weekly resistance\u00a0 \u2013 and its the only thing separating Bitcoin price from reclaiming the previous all-time high of $20,000. <\/span>Meanwhile, the rally has caused Bitcoin dominance to spike, and if it continues to rise in such a fashion, according to one crypto analyst it could reach an extended \u201c5th wave\u201d and take it to as much as 80% dominance. <\/span><\/p>\n

The move would almost certainly decimate the altcoin<\/a> market, which is already on thin ice, following a divergence in the often correlated digital assets that began back in April.\u00a0<\/span><\/p>\n

Bitcoin Price Struggles with $13,000 But FOMO Keeps BTC Dominance Growing<\/span><\/h2>\n
Bitcoin is currently priced at $12,500 after ping-ponging between $10,000 where FOMO first began, and the powerful resistance at $13,800 that rejected Bitcoin\u2019s parabolic climb from the December 2018 bottom at $3,200.<\/span><\/p>\n
Related Reading | Bitcoin Dominance Reaches Highest Level Since December 2017, What Happens Next?<\/a><\/strong><\/em><\/p>\n
Along the way in April, when Bitcoin rallied $1,000 in a matter of hours, altcoins began to diverge causing BTC dominance to climb from previous lows. Once it claimed 60% as support, the altcoin market has shown signs that a capitulation event<\/a> like what was seen with Bitcoin back in November when it fell through support at $6,000.<\/span><\/p>\n
Things could only be getting worse for the alternative crypto assets, according to one crypto analyst. The analyst shared a chart along with the query \u201cis your portfolio ready for BTC dominance<\/a> pull an extended 5th wave?\u201d<\/span><\/p>\n
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Is your portfolio ready for BTC dominance pull an extended 5th wave?<\/p>\n
If this plays out I expect 80% BTC dominance and alts to bleed like you could NOT imagine.<\/p>\n
The corn should be always be a part of your portfolio pic.twitter.com\/GUyfBAEgW7<\/a><\/p>\n
— Murfski (@Murfski_) July 8, 2019<\/a><\/p><\/blockquote>\n