Bitcoin has been the dominant cryptocurrency for many years, but its dominance has increased significantly in recent months. In fact, Bitcoin dominance recently surpassed 50% for the first time in two years. This means that #bitcoin now accounts for more than half of the total market capitalization of all Cryptocurrencies.

There are a number of factors that have contributed to Bitcoin's recent dominance. These include:

The filing of a Bitcoin Exchange Traded Fund ( #ETF ) by #BlackRock the world's largest asset manager. This filing has led to increased institutional investment in Bitcoin, as well as increased demand from retail investors.

The increasing regulation of altcoins by the Securities and Exchange Commission ( #SEC ). This has led to uncertainty about the future of altcoins and has caused some investors to sell their altcoin holdings and invest in Bitcoin instead.

The BlackRock ETF Filing

The filing of a Bitcoin ETF by BlackRock is a major development in the cryptocurrency space. BlackRock is a very well-respected asset manager, and its filing for a Bitcoin ETF is a sign that the investment world is taking Bitcoin seriously. The filing is also likely to lead to increased institutional investment in Bitcoin, as well as increased demand from retail investors.

The SEC's Regulation of Altcoins

The SEC has been increasingly cracking down on altcoins in recent months. In particular, the SEC has taken the position that some altcoins are securities, which means that they are subject to the same regulations as stocks and bonds. This has led to uncertainty about the future of altcoins and has caused some investors to sell their altcoin holdings and invest in Bitcoin $BTC instead.

Conclusion

The increasing dominance of Bitcoin is a sign that the cryptocurrency market is maturing. As Bitcoin becomes more regulated and more widely accepted, it is likely to continue to attract institutional investment and retail demand. This could lead to further increases in Bitcoin's dominance in the years to come.

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$LTC $PEPE #Dominance

💎As also James from the ExpertTradersTeam has been mentioning in the previous post, the breakout happened without pumping up the greed in the market or put people into a FOMO mode by making them to open overleveraged long positions. Thanks to this, we can clearly understand that the current push in the market was driven by spot and new inflow of money because alts were not totally stagnant but even that BTC #Dominance was rising they were going up along with BTC.

💎So because the breakout was healthy and happened perfectly during the fear in the market, the real bullish news about ETF approvals was extremely well faded keeping people frozen to take an action, which is still the case.

💎Until the sentiment shift will change and you will see Saylor buying #bitcoin again and mass media pushing extreme bullish news, we can expect continuous growth without being too worried about unexpected correction. Once the shift in the market starts, we will be preparing our shorts again.

🔑What’s Next?!

Now about the upcoming PA development:

💎As you can see on the HTF Bitcoin chart above, we are forming a perfect cup and handle reversal pattern at the bottom.

💎After the successful falling wedge (handle) breakout, thanks to which we overcame all the important resistances, we can expect #BTC to slow down a bit and consolidate in the white zone for a while, which will be perfect scenario for strong and powerful altcoins to grow exponentially💰

💎A successful reclaim of the neckline resistance of the cup and handle pattern would be additional confirmation of a massive bull trend towards $79k to unfold, as it would signal an extreme strength of this pattern.

💎As we are already in a HTF bull trend, by creating HH and HL while also supported by still holding above our purple line 50MA, we expect in a few weeks to fill the CME futures gap at $35k while also strike the liquidity pool GAP at $38k which was observed also by the ExpertTradersTeam and in detail described. Further PA development in detail will be described after we hit $35-38k.

Rough Price Action strategy is as follows:

🕘 $35k-38k - PENDING

🕘 $43k - PENDING

🕘 Important Correction (will be updated) - PENDING

🕘$79k - PENDING

#BTC #ETH #crypto2023