Cryptocurrency analysts have used multiple metrics to analyze whether Bitcoin has peaked this bull cycle. This time, crypto analyst Thomas referred to the USDT dominance rate to determine the top of the Bitcoin market.

Use USDT dominance to predict Bitcoin's peak

Thomas has claimed in a post on X (formerly Twitter) that USDT dominance has predicted every local top for Bitcoin over the past six years. He found that there was always a clear local top for Bitcoin every time USDT dominance retested the long-term ascending support line. Thomas added that anyone using the index was able to sell at peaks in previous cycles.

Compare BTC/USD and USDT.D charts on weekly timeframe | Source: Thomas/X

The analyst emphasized that it is reasonable to use USDT dominance to predict Bitcoin's peak because the long-term trend of USDT.D is bullish. He added that USDT.D is an important index because the market is driven by swaps in and out of stablecoins.

Meanwhile, Thomas also mentioned that USDT dominance can be applied in reverse. He found that it had also accurately predicted every local bottom for previous bear markets. The analyst admitted that while USDT.D does not give an exact estimate of the bottom in some cases, it can give “a fairly accurate range.”

BTC has not yet reached its cycle peak

Based on the chart Thomas shared, Bitcoin may have reached a local top, as USDT.D has once again bounced off the trendline the analyst mentioned. When asked by a follower about that and whether Bitcoin is heading towards new lows, Thomas replied that it won't necessarily happen, as the market could go back and test the trend line of USDT.D again, same as the previous bull cycle.

Compare BTC/USD and USDT.D charts on weekly timeframe | Source: Thomas/X

The analyst is optimistic that this will happen and it could happen several times in the coming months. That means Bitcoin still has plenty of room to increase in price during this market cycle before reaching its cycle peak. Other crypto analysts, such as Rekt Capital, have asserted that Bitcoin has not yet reached its cycle peak and that historical data suggests the market peak will be created next year.

At the time of writing, Bitcoin is trading at $57,600, up more than 1.6% in the past 24 hours.

https://tapchibitcoin.io/su-dung-usdt-d-de-tim-kiem-dinh-cua-bitcoin.html