Here we go again with the analysis of bitcoin dominance. Just like what I've always said that bitcoin dominance is one of the best benchmark which have the good correlation with bitcoin's price movement. In other words, if you want to understand bitcoin you must understand about bitcoin dominance first.
The uptrend channel has held the dominance since January 2018 which means this channel is very crucial for current dominance movement. But, there is a huge probability of the dominance to breaks down of current lower line of the channel and one key factor that I'm sure about it is the bearish flag in micro level. Since the point of break down occured, the price has formed a bearish flag pattern as a trend continuation toward the down trend. I do believe that the dominance will touches the 50% region again as potential recession on the crypto market may occur too.
Like what it did previously in the past, there are 2 potential factors that may drive the dominance of going lower, the first factor is huge money outflow on altcoin market or the second thing is the potential recession of bitcoin's price. The first option is not too interesting because of less crypto adoption in the last 1 or 2 years. But, looking at the price action of bitcoin, it's very likely to occur. A capitulation is needed for bitcoin's price for now.
The uptrend channel has held the dominance since January 2018 which means this channel is very crucial for current dominance movement. But, there is a huge probability of the dominance to breaks down of current lower line of the channel and one key factor that I'm sure about it is the bearish flag in micro level. Since the point of break down occured, the price has formed a bearish flag pattern as a trend continuation toward the down trend. I do believe that the dominance will touches the 50% region again as potential recession on the crypto market may occur too.
Like what it did previously in the past, there are 2 potential factors that may drive the dominance of going lower, the first factor is huge money outflow on altcoin market or the second thing is the potential recession of bitcoin's price. The first option is not too interesting because of less crypto adoption in the last 1 or 2 years. But, looking at the price action of bitcoin, it's very likely to occur. A capitulation is needed for bitcoin's price for now.
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