Bitcoin has gained in the $19,000-20,000 range this month. This month, BTC has been less volatile overall. However, US CPI information plunged Bitcoin sharply to $18,190 on October 13. However, BTC quickly recovered from the lower range. He held some more stable process sessions. So what are the expectations for cryptocurrencies like BTC, ADA, ETH, SHIB? Will the altcoin era finally come?
Bitcoin created these patterns in market dominance
Compared to Bitcoin’s market dominance, BTC followed the same pattern in 2018 and 2020. Therefore, before climbing the hills, he made a double base formation. Bitcoin’s market dominance graph measures the ratio of Bitcoin’s market price to other cryptocurrencies in the market. Compared to BTC’s market dominance chart, Bitcoin actually created a “W” pattern on the chart. Compared to previous trends in 2018 and 2020, there are those who expect an uptrend. According to experts, there are two critical price levels that will determine the further movement of BTC. These are $18,000-18,300 and $23,400.
According to analyst Shayan Chowdhury, if BTC breaks the critical support level at $ 18,000, the “double bottom” analysis becomes invalid. BTC could bring more difficult times to its investors as it can see trading near the $10,000 price level. If BTC price reaches a resistance level of $23,400, traders can witness positive momentum. From the $ 23,400 level, BTC can move in two forms. If the double bottoms follow, it is thought that BTC could drop below $19,000.
If BTC breaks out to the upside, it risks rejection at the $28,400 resistance level. Subsequently, it could correct a slight downside correction to $24,700. At that time, we can expect Bitcoin to generate exponential growth to $34,500 by the end of this year. If BTC is rejected at $23,400, the price could decline to its current price level. It may make another attempt to break $23,000 by the end of December.
Has altcoin era come for SHIB, ETH, ADA?
At the beginning of 2023, altcoins such as XRP, SHIB, ADA and BNB are thought to be preparing for a crypto boom in 2023. Meanwhile, BTC is expected to reach the bullish zone of altcoins. According to the expert, the altcoin era will likely continue until the end of May 2023. This, in turn, could act as a catalyst to get a jumpstart in crypto investment portfolios.
The basic feeling behind this lies in keeping asset prices in a consolidated range. It also tracks investors who invest their funds first in stable crypto assets like Bitcoin or Ethereum to force market dominance. Koindeks.com As we reported, the market saw a complete altcoin era during the crypto pump in 2018 and the DeFi hype in 2020. Back in 2017, when investors started investing in altcoins during the crypto boom, it was mainly dominated by cryptocurrencies like Bitcoin and Ethereum.
However, Bitcoin’s dominance has dropped from 90 percent to 35 percent in 2018. Then, in 2020, the same thing happened as Altcoins started pumping. Bitcoin’s dominance has dropped from 70 percent to 40 percent. USDT’s dominance chart falls in parallel as investors start buying altcoins and stablecoins with USDT. This shows the sensitivity of the crypto market during a bullish and bearish trend.