Bitcoin Dominance Continues to Rise
Who thought bitcoin was ready to give alts a break was wrong. It is pushing higher, new ATH after old ATH, cannibalizing to some extent the other cryptocurrencies, that started to bleed back into BTC.
Its dominance is pushing higher, much like the price, if not more accentuated. Look:
There were two recent attempts for alts to catch some momentum, but they both ended up reversed, with higher lows and higher highs on the BTC.D chart.
Seeing this, I can't wonder if I didn't take that profit from BTC too early, but I guess that happens when you do it gradually. In the meantime, I pushed two of my other profit taking thresholds higher and higher, and I'm thinking to take a little more profit here around 100k.
At the same time, looks like the news for Bitcoin from the adoption and price perspective get better and better. Something like a decision to make it part of the strategic reserves of the US would make major news and push the price like a rocket. But that decision can't come until next year, if it does... Plenty of time for a correction until then, right? Of course, until then there is the decision from Microsoft's shareholders meeting from early December...
Wars finding a resolution would likely send all volatile assets to Mars, as well. Moon may be too close... 🤣 OK, ignore that, now I'm FOMOing...
Hmm, I don't know, I'm kind of convincing myself to hold off on doing any moves at all for the time being...
How do you see the whole situation?
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At this point, there's probably no predicting what is bound to happen next. Personally I feel January is when alt will truly begin to do anything significant
I tend to have the same opinion. Although, right after posting this, alts turned green and ETH is really pumping. But these may be more like short bursts interrupted by BTC taking over, instead of sustained movements.
I believe the eth pump feels like those shortlived ones and might not be truly sustainable as you've also pointed out. until it's truly time. I saw the pump, and honestly I'm not surprised but I think I could be proven wrong..
Haha I think it's hard to time the market. Sometime early this year, I came up with a plan to buy and take profit at specific price targets, and I am still sticking to it. Currently, I am gradually trimming my BTC. Probably have sold some "too early" but no regrets. Hehe.
Yeah, I sold a bit today too. A little postponed compared to my schedule, but seems like a good threshold right here close to 100k. BTC might be rejected hard at 100k and trigger a 25-30% correction. But nothing is certain. It might as well go through this threshold everyone is eying easily, and then the real mania starts.
It sure doesnt look pretty for alts right now and we need to hang on to the hope we get another great alt season.
Time is passing for sure. But 8-9 months or even less in 2025 should be enough for them to push hard before the bull market ends.
I feel BTC may reach $100k soon
I'm curious what will happen when that price is reached.
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