It is predicted that Altcoin capitalization may soon drop to 495 billion USD while BTC.D sets a new high
Crypto markets enter the second week of October with signs of Bitcoin Dominance (BTC.D) returning to last quarter's highs. Besides, a series of Altcoins are showing that they may have a strong correction in October.
It is predicted that Bitcoin Dominance (BTC.D) may reach a new peak at the end of October
BTC.D's increase in October will be a not very positive sign for Altcoins in the context of market capitalization showing signs of correction. Today, BTC.D continues to increase and has surpassed 51%.
BTC.D has entered the 8th consecutive week of green candles. This behavior continues to reinforce the portfolio restructuring sentiment around Bitcoin. BTC.D is returning to the high of July, and this upward momentum could cause BTC.D to soon reach a new peak in late October and potentially reach 56% by the last quarter of the year, according to the Fibonacci measure.
Along with that, market capitalization may continue to decrease to the $880 billion area or deeper in October. At this time, Altcoins will still adjust strongly, especially Mid Cap and Low Cap Altcoins that can set new bottoms. deeper
Altcoin capitalization just corrected back to last quarter's low
Since the beginning of October until now, Altcoin capitalization has adjusted more than 6.7% and is currently returning to the low level of last quarter, about 495 billion USD - 500 billion USD.
Overall, October has not created any breakthrough. With a decrease of nearly 2.5% today, Altcoin capitalization is at high risk of falling below 500 billion USD this week. This could dash many investors' hopes that Altcoins will recover until the end of the year.
Altcoin capitalization moves in a descending triangle pattern and October is the month where volatility reaches the end of the pattern. Therefore, support at $495 billion will play an important role in shaping overall Altcoin volatility for the entire final quarter of the year.
According to the above BTC.D prediction, if Altcoin's capitalization breaks support of 495 billion USD, it will correspond to BTC.D setting a new high. And if Altcoin capitalization falls to the old bottom in early 2023 or lower, it will correspond to BTC.D reaching the 56% area.
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