Cryptocurrency analyst Thomas uses USDT dominance to predict Bitcoin's market tops. Thomas argues that this metric is reliable in predicting Bitcoin's local tops and bottoms. Emphasizing that USDT-D reflects market dynamics and can be used to predict Bitcoin's future movements, Thomas suggested that USDT dominance over the last six years is a reliable predictor of Bitcoin's local peaks.
Regarding the question of whether Bitcoin can surpass its recent top, Thomas's latest observations indicate that USDT-D has touched the trend line again and Bitcoin may have already reached a local top. However, Thomas notes that Bitcoin could still rise and retest the lower end of the USDT-D chart. He thinks that if this scenario occurs, Bitcoin could retest the support line several times in the coming months. This means there is still some upside left before Bitcoin reaches the top of its bull run.
A similar sentiment is shared with other analysts about the market cycle. For example, Rekt Capital emphasizes that the market cycle is not at its peak yet and historical trends suggest the peak will come sometime next year.
Thomas plans to use the USDT-D trendline to inform long-term trading strategies for Bitcoin and Ethereum. USDT dominance aims to buy when it tops the trend line and sell when it hits the bottom, thus leveraging the predictive power of this metric for its trades.
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