{"id":422951,"date":"2020-05-06T20:00:34","date_gmt":"2020-05-06T20:00:34","guid":{"rendered":"https:\/\/wncen.com\/?p=422951"},"modified":"2020-05-06T18:47:45","modified_gmt":"2020-05-06T18:47:45","slug":"bitcoin-dominance-reversal-at-key-level-points-to-sustained-altcoin-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-dominance-reversal-at-key-level-points-to-sustained-altcoin-rally\/","title":{"rendered":"Bitcoin Dominance Reversal At Key Level Points To Sustained Altcoin Rally"},"content":{"rendered":"<p><a href=\"https:\/\/wncen.com\/2020\/05\/05\/one-week-away-comparing-past-pre-halving-bitcoin-price-action\/\">Bitcoin&#8217;s halving is here in just one week<\/a>, and the first-ever cryptocurrency is widely expected to rally as a result.<\/p>\n<p>But Bitcoin dominance has been consolidating at a key level. This could indicate that altcoins will soon outperform BTC with a sustained rally over the next several years.<\/p>\n<h2>BTC Dominance Reached 0.5 Fib Level, Key Area for Reversals To Take Place<\/h2>\n<p>The crypto hype bubble and <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> bull run that swept the public up in its storm also brought BTC dominance to the lowest point ever.<\/p>\n<p>After the crypto market peaked in late 2017 and early 2018, BTC dominance went on a tear. The recovery rally saw BTC dominance annihilating altcoins in its wake.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/11\/06\/published-author-and-altcoin-trader-highlights-5-crypto-set-to-outperform-bitcoin\/\">Published Author and Altcoin Trader Highlights 5 Crypto Set to Outshine Bitcoin\u00a0<\/a><\/strong><\/em><\/p>\n<p>When Bitcoin began trading at over $10,000 once again in mid-2019, altcoins were further decimated.<\/p>\n<p>Dominance peaked at over 70% and has since fallen back to around 67%. The key level represents a full 50% retracement in BTC dominance.<\/p>\n<p>According to <a href=\"https:\/\/www.investopedia.com\/terms\/f\/fibonacciretracement.asp\" target=\"_blank\" rel=\"noopener nofollow\">Fibonacci retracement levels<\/a>, 50% or the 0.5 Fibonacci level, is an ideal reversal point. This is the level at which investors and traders see enough reward to take the risk of entering a position in altcoins.<\/p>\n<p>The ancient math is commonly used to find levels of support and resistance.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BTC.dom retracement oscillating around the 50% level&#8230;.. <a href=\"https:\/\/t.co\/a1Ku9j6iEW\" rel=\"nofollow\">pic.twitter.com\/a1Ku9j6iEW<\/a><\/p>\n<p>&mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) <a href=\"https:\/\/twitter.com\/davthewave\/status\/90288385?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 6, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Bitcoin Halving Was The Spark That Set Off Alt Season For the First Time<\/h2>\n<p>Altcoins across the board remain down by as much as 90% in some cases. These vastly oversold assets have taken such a beating, a recovery cannot be ruled out.<\/p>\n<p>The major factor that makes an altcoin season seem impossible, is due to the Bitcoin halving.<\/p>\n<p>Most crypto traders who have spent ample enough time in the market, have realized the odd correlation between BTC and alts.<\/p>\n<p>When Bitcoin rises, alts crash. When <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> crashes, altcoins do also. The assets tend to perform the best when Bitcoin price trades sideways.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/03\/12\/experienced-altcoin-trader-outlines-expectations-for-bitcoin-and-alt-bull-cycles\/\">Experienced Altcoin Trader Outlines Expectations For Bitcoin and Alt Bull Cycles\u00a0<\/a><\/strong><\/em><\/p>\n<p>So with Bitcoin expected to explode with the halving finally here, why would altcoins suddenly now rally?<\/p>\n<p>In a strange turn of events, it was the Bitcoin halving that sparked the first-ever altcoin season.<\/p>\n<p>The below BTC dominance price chart has BTCUSD price action overlayed behind it in black. Red dotted lines indicate each Bitcoin halving.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-422987\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Screen-Shot-2020-05-06-at-2.32.21-PM.png?resize=860%2C466\" alt=\"btc dominance bitcoin altcoins\" width=\"860\" height=\"466\"><\/p>\n<p>Note that in mid-2016, coinciding with the halving, BTC dominance actually saw a strong impulse down, kickstarting the crypto hype bubble.<\/p>\n<p>With BTC dominance potentially breaking down once again, and at a key reversal level while altcoins everywhere are showing signs of bottoming, could point to altcoin overperformance even with <a href=\"https:\/\/wncen.com\/2020\/05\/05\/one-week-away-comparing-past-pre-halving-bitcoin-price-action\/\">Bitcoin&#8217;s halving here<\/a>.<\/p>\n<p>If history repeats, the currently 50% level will indeed act as a reversal point, and altcoins will have explosive impulses within the next few weeks or months.<\/p>\n<p>Is the next alt season finally upon us?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s halving is here in just one week, and the first-ever cryptocurrency is widely expected to rally as a result. But Bitcoin dominance has been consolidating at a key level. This could indicate that altcoins will soon outperform BTC with a sustained rally over the next several years. BTC Dominance Reached 0.5 Fib Level, Key Area for Reversals To Take Place The crypto hype bubble and Bitcoin bull run that swept the public up in its storm also brought BTC dominance to the lowest point ever. After the crypto market peaked in late 2017 and early 2018, BTC dominance went on a tear. The recovery rally saw BTC dominance annihilating altcoins in its wake. Related Reading | Published Author and Altcoin Trader Highlights 5 Crypto Set to Outshine Bitcoin\u00a0 When Bitcoin began trading at over $10,000 once again in mid-2019, altcoins were further decimated. Dominance peaked at over 70% and has since fallen back to around 67%. The key level represents a full 50% retracement in BTC dominance. According to Fibonacci retracement levels, 50% or the 0.5 Fibonacci level, is an ideal reversal point. This is the level at which investors and traders see enough reward to take the risk of entering a position in altcoins. The ancient math is commonly used to find levels of support and resistance. BTC.dom retracement oscillating around the 50% level&#8230;.. pic.twitter.com\/a1Ku9j6iEW &mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) May 6, 2020 Bitcoin Halving Was The Spark That Set Off Alt Season For the First Time Altcoins across the board remain down by as much as 90% in some cases. These vastly oversold assets have taken such a beating, a recovery cannot be ruled out. The major factor that makes an altcoin season seem impossible, is due to the Bitcoin halving. Most crypto traders who have spent ample enough time in the market, have realized the odd correlation between BTC and alts. When Bitcoin rises, alts crash. When Bitcoin crashes, altcoins do also. The assets tend to perform the best when Bitcoin price trades sideways. Related Reading | Experienced Altcoin Trader Outlines Expectations For Bitcoin and Alt Bull Cycles\u00a0 So with Bitcoin expected to explode with the halving finally here, why would altcoins suddenly now rally? In a strange turn of events, it was the Bitcoin halving that sparked the first-ever altcoin season. The below BTC dominance price chart has BTCUSD price action overlayed behind it in black. Red dotted lines indicate each Bitcoin halving. Note that in mid-2016, coinciding with the halving, BTC dominance actually saw a strong impulse down, kickstarting the crypto hype bubble. With BTC dominance potentially breaking down once again, and at a key reversal level while altcoins everywhere are showing signs of bottoming, could point to altcoin overperformance even with Bitcoin&#8217;s halving here. If history repeats, the currently 50% level will indeed act as a reversal point, and altcoins will have explosive impulses within the next few weeks or months. Is the next alt season finally upon us?<\/p>\n","protected":false},"author":517,"featured_media":422960,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[30232,142,428,13510,1119,16154,1144,6664,8080],"class_list":["post-422951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-alt-season","tag-altcoins","tag-bitcoin","tag-bitcoin-dominance","tag-btc","tag-btc-dominance","tag-btcusd","tag-crypto","tag-halving"],"acf":[],"yoast_head":"\n<title>Bitcoin Dominance Reversal At Key Level Points To Sustained Altcoin Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin&#039;s halving is here in just one week, and the first-ever cryptocurrency is widely expected to rally as a result. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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