📉 Global BTC Market Analysis.
The Bitcoin dominance level has begun a rapid decline, and now we are seeing an attempt to exit the parallel price channel. If it manages to consolidate below the lower boundary of the channel, we will expect a further decrease in dominance, which in turn will indicate the beginning of large transfers of investor funds from Bitcoin to altcoins.
What are the long-term growth targets for Bitcoin? Above the current ATH, we no longer have resistance levels based on historical data. Therefore, to determine growth targets, we will use trend lines, Fibonacci extension levels, analysis of large order block clusters in order books and, of course, indicators:
The nearest growth targets for Bitcoin are 1.61 and 1.78 Fibonacci extension levels, which are in the range of 104,000 - 112,000.
The next target may be a global trend line built on the basis of two peaks of the previous growth cycle. Its test may occur at around 120,000.
The RSI indicator is currently at a distance of 18% from the trend resistance line. Translated to the Bitcoin price chart, this is a range of approximately 114,000 - 120,000. This is where the resistance line may be tested, as it has been in all previous Bitcoin market cycles.