Bitcoin price prediction: BTC dominance falls, altcoin season begins

Bitcoin is currently trading above the historic and crucial level of $100,000 and has risen more than one percent in the last 24 hours. According to Josh, an analyst at Crypto World, Bitcoin is forming a new short-term pattern that we should watch. Here is a detailed analysis of it:

Overview of the Bitcoin bull market

The analyst stated that Bitcoin is still clearly in a bull market. The weekly RSI indicates a strong bullish trend, which has caused big bullish runs in the past. The MACD is also showing bullish signs, similar to last year when it predicted a big rally that lasted for months. According to 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 of around $102,000, which is the 1618 Fibonacci extension level. If Bitcoin manages to surpass this level, we could see a movement towards $113,000. The next key price target is $113,000, but it may still take some time before Bitcoin can reach $300,000, which could take a few more years and possibly the next bull market.

As support, Bitcoin has around $89,000. In the short term, the price is consolidating around $100,000, and we may see 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 breakout above $102,000 could push the price towards $108,000, while a breakdown below the support could lead to a downward movement around $93,000.

Bitcoin liquidity map

The Bitcoin liquidation map shows significant liquidity accumulating between $104,000 and $105,000. If Bitcoin surpasses this level, we could see buying pressure that would raise the price. There are also other liquidity levels between $102,000 and $105,000 that could influence future price action.

Bitcoin dominance falls, altcoin season begins

The Bitcoin dominance chart shows a decline, 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 beginning of a significant altcoin season.