In 2019, Bitcoin decoupled from the rest of the crypto market, with its dominance rising to 70 percent for the first time since December 2017. Will the trend continue, or will the pioneer cryptocurrency reach an exhaustion point that triggers a renewed “altseason?”
Bitcoin’s rise to dominate began in December of 2018. Since then, BTC gained 327 percent from a low to $3,200 to a high of nearly $14,000. Meanwhile, most altcoins are sideways or down relative to Bitcoin.
According to some pundits, Bitcoin dominance will supposedly reach 80 percent while altcoins’ role in the market fades, as stated by Max Keiser, host of RT’s Keiser Report. As a result, the former Wall Street trader believes investors should sell their altcoins for BTC.
#Bitcoin dominance 68.2% – heading to 80% – as alts die in favor of BTC. The 2014-2017 era of alts and hard forks is dead. Don’t be the last to rotate out of alts into BTC.
— Max Keiser, tweet poet. (@maxkeiser) August 6, 2019
Looking at the 1-week Bitcoin dominance chart, it seems Keiser’s advice could be sound. An ascending triangle began forming under the 1-week timeframe at the trough of the correction in 2017 (at the time, BTC’s dominance was at a historic low of 35 percent).
Even more bullish, Bitcoin broke out to the upside of the ascending triangle and could be targeting a 38.7 percent upswing that takes it up to 80 percent market dominance, similar to what Max Keiser forecasted.
That said, the TD sequential indicator is giving a bearish signal in the form of a green nine. This technical index predicts a one-to-four weeks correction. Based on this bearish signal,