Bitcoin is the undisputed king of the Crypto world. There are currently almost 5000 cryptocurrencies, but Bitcoin holds almost 70% of the total market capitalization. As the Bitcoin price dominance continues to increase, this development may not be over yet. It is questionable whether altcoins can break this bitcoin dominance.
Bitcoin Price Dominance
Bitcoin Price
Bitcoin dominance – weekly chart
The Bitcoin dominance chart comprises the Top100 alt coins and shows them against BTC. The result is displayed in % in the right scale. If you are looking for formula then it will be like this:
> BTC Market Cap / Top100 Alt-Coins Market Cap <<
The result of this Bitcoin dominance chart is reflected in all charts that are viewed against Bitcoin (EOS / BTC; ETH / BTC etc.). As per our analysis, the Bitcoin price is examining the outbreak. It looks like the outbreak is about to start. Based on this, the exact Bitcoin price target of this structure can be managed and we could expect up to 16.5% price gain!
The Bitcoin Price – finally profits again in sight!
Bitcoin Price
As per our last analysis , which relies on the outbreak of this formation in the form of an iSHS, is based on the daily chart . This means that each candle in the chart represents a complete day. At the time of writing this article, Bitcoin price is trading at around $7,549 following a notable 7.9% pump since Friday. Over the past 24 hours, the Bitcoin price has increased by 1% and is exhibiting symptoms of improvement.
If you closely observed the daily chart, the Bitcoin price observed a bullish breakout. As per our technical analysis, the Bitcoin price recovered the 50-day Simple Moving Average for the first time since November 2019.
Bitcoin to go past $9000?
According to Crypto trader @IamCryptoWolf, Bitcoin price is going to increase and break through the $8,090 limitation. He tweeted:
This looks accumulation to me, breaking through 8090 would confirm the 7-month Falling Wedge breakout.
Bulls will step in aggressively targeting 9550 easily. pic.twitter.com/uWQujqSKjQ
— Wolf (@IamCryptoWolf) January 5, 2020
According to another Cryptocurrency trader CryptoHamster, Bitcoin’s on-balance volume trading which “uses volume flow to predict changes in stock price” — is displaying a sharp descending drive pattern.
On-balance volume descending wedge is getting tighter.#bitcoin $BTC $BTCUSD pic.twitter.com/XT5EJDoQIW
— CryptoHamster (@CryptoHamsterIO) January 4, 2020