Analyst Evaluates Bitcoin Domination: What Could Happen in the Coming Days?

Cryptocurrency analyst Rekt Capitalin his last assessment bitcoin domination He made interesting statements about

Remarkable Bitcoin Domination Statement from Cryptocurrency Analyst Rekt Capital

The analyst gave signals that BTC dominance may increase in the coming days:
“BTC Dominance has reached red resistance and even slightly exceeded it.

On the 1-day chart, BTC dominance briefly dropped which helped Altcoin exits.

However, BTC Dominance may be retesting the red right now, which will allow for an increase in dominance in the coming days.”

#BTC Dominance has reached red resistance & even slightly overextended it

on the 1D, $BTC DOM is briefly dipping which has helped Altcoin breakouts

But BTC Dominance may be retesting red right now, which would enable an increase in BTC.D in the coming days#Crypto #Bitcoin pic.twitter.com/qzNqbmN5u9

— Rekt Capital (@rektcapital) January 22, 2023

In his additional evaluation shortly after, the analyst said that the BTC dominance chart had similarly risen above the resistance on the 1-day chart, but it was volatile.

The analyst used the following statements regarding the BTC price:

“The BTC Monthly Candle is up about 38% right now. In the short term, people are turning to BTC by FOMO. But in the bigger picture of the new cycle, that’s hardly FOMO.

Macro will start at $69,000 as FOMO Rises to All-Time High.”
A higher BTC dominance means that BTC’s value and market capitalization make up a larger portion of the overall cryptocurrency market.

This indicates that investors trust Bitcoin more as a store of value and a safe-haven asset than other cryptocurrencies.

However, high BTC dominance does not necessarily mean that the market is bearish, and altcoins do not always have to underperform when Bitcoin’s dominance is high.

*Not investment advice.