Bitcoin Price Prediction: BTC Dominance Drops, Altcoin Season Begins
Bitcoin is currently trading above the all-time crucial $100k level and is up over one percent in the past 24 hours. According to analyst Josh from Crypto World, Bitcoin is forming a new short-term pattern that we should watch out for. Here’s a detailed analysis of it:
Bitcoin Bull Market Overview
The analyst said that Bitcoin is still clearly in a bull market. The weekly RSI is signaling a strong uptrend, which has led to major bull runs in the past. The MACD is also showing bullish signs, similar to last year when it predicted a major rally that lasted for months. Based on these indicators, the bull market is likely to continue until 2025.
Resistance Levels and Price Targets for Bitcoin
Currently, Bitcoin is facing a resistance level around $102,000, which is the 1618 Fibonacci extension level. If Bitcoin can break above this, we could see a move towards $113,000. The next key price target is $113,000, but it may still be a while before Bitcoin can reach $300,000, which could take a few more years and possibly the next bull market.
For support, Bitcoin $BTC is holding around $89,000. In the short term, the price is consolidating around $100,000, and we could see a sideways movement for a while as the market cools down.
Bitcoin is forming a symmetrical triangle pattern, with support around $99,000 and resistance around $102,000. A break above $102,000 could push the price towards $108,000, while a break below the support could lead to a move lower towards $93,000.
Bitcoin Liquidity Map
The $BTC tc liquidation map shows significant liquidity accumulating around $104,000 to $105,000. If Bitcoin breaks above this level, we could see buying pressure, pushing the price higher. There are also other liquidity levels between $102,000 and $105,000, which could play a role in future price action.
Bitcoin Dominance Drops, Altcoin Season Begins
The $BTC dominance chart is showing a dip, currently around 55%, after breaking a key support level at 57%. This confirms that altcoins are likely to outperform Bitcoin in the near future, indicating the start of a major altcoin season.
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