- Bitcoin Dominance cracks as BTC price sinks below $114,000.
- BTC loses several support indicators, signaling altcoin dominance.
- A major market correction is expected in September; brace for a red month.
Bitcoin Dominance cracks as BTC price sinks below $114,000. Bitcoin, the pioneer crypto asset, is slowly losing major support indicators, including the monthly MACD and the EMA50 Daily. Analysts believe altcoins will slowly overtake Bitcoin, while another silver-tongued analyst believes a huge market correction is on the horizon, leading to a red month of September and the price of BTC falling below $100,000.
Bitcoin Dominance Cracks as BTC Price Sinks
Based on the Bitcoin Dominance chart, BTC dominance has fallen below the 60% mark and is currently fluctuating between the 58% and 59% line. Meanwhile, Ethereum dominance is up by 1.56% to take the 13.1% mark, as other assets take up 27.7% of market dominance. This surge in ETH dominance is interesting, as the price of ETH just fell to the $4,100 price range. Despite this fall, ETH continues to outperform BTC.
As we can see from the post above, this reputed crypto analyst marks that Bitcoin Dominance has cracked, causing the monthly MACD to bleed red. The post then goes on to highlight how, when this same move played out in the last bull cycle, the price of ETH went on to experience a pump of over 600%, leading to not just an altcoin price rally, but rather an altcoin price explosion.
The post concludes by saying that this will be like an ambush, with altcoin prices going as far as declaring war on a quite slow market. By this, he means that altcoin prices will start to aggressively pump and set new ATH prices, and enter a glorious price discovery phase. Responses to the post also show confidence in this expectation. One response says that the moment for value to rotate to altcoins is nearly here.
Major Market Correction Ahead
On the flip side, a reputed silver-tongued analyst, known for his accurate price predictions over the last few years, believes that a brutal correction phase is coming for the crypto market. To highlight, Doctor Profit says that the month of September will be a bearish red month and that the price of BTC will fall below the $100,000 price range. Despite this foreboding prediction, he remains certain that new ATHs will follow after this correction.
Based on the post above, the analyst shares an image and says that for the first time since April this year, BTC is losing its EMA50 Daily, and claims that it is breaking down like butter. In addition, he goes on to add that the line he considered the golden line has always played a key role in his predictions; however, this time, he has not even considered it as support, as he predicted the coming correction dump.
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