Bitcoin And Ethereum Alert Was Issued – BTC’s Dominance Set To Drop?

The crypto market is completely bloody today, with all important coins trading in the red.

Bitcoin dominance is reportedly set to drop

It’s been revealed that a crypto analyst known as Paddy Stash said that he thinks Bitcoin’s dominance of the overall crypto market is set to drop these days.

He said that if BTC continues to slip below a support line dating back to July, he expects ETH to break out.

According to the data coming from the Daily Hodl, Bitcoin’s dominance is at 65.84%, with Ethereum capturing 8.55% of the market and XRP capturing 4.88%, according to CoinMarketCap.

“BTC.D looking awful and slowly slipping under major support. If this falls through and it’s confirmed with volume then I cant see how ETH won’t blast over its major resistance. Everything seems to be perfectly lined up here.”

Next halving in the bearish territory?

The online pubcalition mentioned above also revealed another crypto analyst’s prediction on BTC.

Willy Woo posted on Twitter that BTC could enter its next halving in bearish territory, and if this happens, it would be for the very first time in history.

“NEVER gone into a halvening in BEARISH price action, miners already capitulating adding sell volume. Historically we front run with a BULLISH setup, miner capitulating only after halvening when revenues are slashed. This is a unique setup. Quite bearish leading up to the event,” he posted on Twitter.

gettyimages 1140163647 1 1024x679 - Bitcoin And Ethereum Alert Was Issued - BTC's Dominance Set To Drop?

Four massive outcomes for BTC hodlers

Crypto analyst Alex Kruger released a survey on four possible outcomes for the most important coin in the market.

Three of the potential outcomes that we mentioned above are bullish, and Kruger’s final one is about the risky nature of trading BTC in the emerging and highly volatile market.

At the moment of writing this article, BTC is trading in the red and the most important coin is priced at $8,105.34.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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