🚀🚀Has Bitcoin Reached a Local Top? 🚀🚀
Cryptocurrency analysts use a variety of on-chain metrics and indicators to determine whether Bitcoin has peaked in its current bull run. In his latest social media post, analyst Thomas emphasized that Tether (USDT) dominance plays a critical role in predicting Bitcoin's market tops. According to him, when USDT dominance reaches the lows of a particular trend line, it indicates a local top for Bitcoin. Thomas argues that USDT dominance has trended upward over time and that investor interest in stablecoins reflects the dynamics of the market. This metric not only predicts local tops, but can also be used to predict local bottoms during bear markets.
Analyst Thomas noted that Bitcoin may have reached a local top, given that USDT dominance has touched the trend line again. However, he added that this does not mean that Bitcoin will move towards new lows. Thomas predicts that the market may still rise and retest the lower end of the USDT chart.
Other analysts share a similar sentiment. Rekt Capital emphasized that the market cycle is not at its peak yet and historical trends indicate that the peak will come sometime next year. Thomas plans to base his long-term trading strategies for Bitcoin and Ethereum on the trend line of USDT dominance.
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