Bitcoin Dominance (BTC.D) has been on the rise since May, when the crypto markets started falling sharply. Currently BTC.D is at October 2021 levels and very close to May and July 2021 levels. There are serious changes in the Bitcoin Dominance rate while there are sharp drops or sharp rises in the crypto markets. Bitcoin broke the all-time record with $69,000 in November 2021. And since November 2021, Bitcoin continues to maintain its strength in the market despite falling from $69,000 to $30,000. It seems to remain one of the safest assets in the crypto market for many investors.
Bitcoin Dominance (BTC.D) is currently 47.3%. BTC.D was 41.7% on May 11. It appears to have increased by more than 13% since May 11. It was 48.7% in the week of May 17, 2021, 48.9% in the week of July 21, 2021, and 47.7% in the week of October 11, 2021. When we examine the weekly chart, it seems that around 48% is quite critical.
Bitcoin is currently trading at $30,175. It has been moving around 30K for a long time. Bitcoin was trading around 30K on May 17 and July 21. Afterwards, it started a bullish trend and rose up to $63,000 on October 11th. In November, it hit a new ATH with $69,000.
Soon the bulls or bears may have more influence in the market. Frankly, it is very difficult to know which will be more effective. But I think very soon the 30K cycle will be broken. Whichever direction Bitcoin goes, I think it will happen sharply. It is really difficult to know which way the price will go. According to the current data, Bitcoin can move 20K or 40K.
This is definitely not investment advice, I just want to express my personal opinion and guess.
Bitcoin has maintained its 30K support really well and has shown everyone that it is much stronger than before. I think the bears are starting to get tired and they're almost on the verge of giving up. I think Bitcoin may start a new uptrend. I also think that the bull market will come towards the end of the year. I believe Bitcoin may even hit a new ATH later this year.
As I said this is not financial advice, This is just my opinion.
I wonder what your thoughts are on this? Do you think a bear market or a bull market is coming?