The crypto market is full of confidence. Proof of this is the brutal fall in dominance in recent days, from 63% to 56%. This is very important because it shows the great confidence that exists in this market. In addition, this will mean that many cryptocurrencies that were at very low prices will resume their bullish paths, and even surpass their ATH (All Time High).
Right now, the 2 most important charts to look at in the crypto market are Dominance and Total Market CAP.
Dominance is the percentage of the market that Bitcoin represents compared to the total value of all other cryptocurrencies. Meanwhile, the Total Market Cap is the sum of the value of all cryptocurrencies in terms of dollars (capitalization), taking into account their number of tokens in circulation multiplied by the dollar value of each of those tokens.
These two charts are so important that they can help us position ourselves at the exact moment we are in an economic cycle. From my point of view, we are at the beginning of a bullish rally for Altcoins to level up with Bitcoin's price. Meanwhile, BTC will behave in a bullish sideways manner waiting for these Altcoins to confirm their bullish patterns and reach their respective targets.
I share the two charts I mentioned, the Dominance and Total Market Cap for you to look at. Both with their determined patterns, bullish in the case of Total Market Cap and bearish in the case of dominance (which, as I have explained, would imply that Altcoin prices rise in relation to Bitcoin).
TOTAL MARKET CAP CHART WEEKLY CANDLES
DOMINANCE CHART WEEKLY CANDLES
Bitcoin (BTC)
-From a fundamental analysis perspective.
From a fundamental point of view, Bitcoin has all the arguments to far exceed 100,000 and consolidate in that range. This is due to the significant adoption and accumulation that has been recorded in recent years by users and large capital, who see Bitcoin as a true store of value, similar, with all due respect, to gold. Hence the nickname 'Digital Gold'.
-From a technical analysis perspective.
The patterns are clear and bullish, leading it to a minimum target price of $175,000 in the medium term. However, one must be very careful with two specific figures: $103,500 and $128,000.
However, there are outstanding accounts below the price, which are pending pullbacks. I am convinced that they will use some trick or excuse through news to justify a possible drop in Bitcoin's price in the medium term, coinciding with a pending pullback, around $70,000. This would involve retesting old resistances and supporting itself on the most recent historical bullish trendline (the green thick line we see on the chart).
BITCOIN (BTC) CHART DAILY CANDLES
