Crypto analyst Matthew Hyland says that Bitcoin’s market dominance has reached its peak if the price of Ether continues its upward trend.
“If ETH breaks bullish and remains bullish against BTC there is a 99% chance BTC Dominance has topped,” Hyland said in an X post on Tuesday.
“Impossible” for BTC dominance to spike if ETH pattern holds
“It is basically impossible for Dominance to push higher if ETH continues higher against BTC,” Hyland added.
Bitcoin (BTC) dominance — a measure of Bitcoin’s share of the market — is at 63.82% at the time of publication, up 9.89% since Jan. 1, according to TradingView.
Over the past seven days, it is down 1.85%, which crypto trader Ash Crypto said is because “money flowing into ETH & altcoins.”
Bitcoin’s rising market dominance typically suggests that investors favor Bitcoin over altcoins, while a decline may signal growing confidence in the broader altcoin market.
Meanwhile, Ether (ETH) is up 19.87% over the past seven days, trading at $3,117, according to CoinMarketCap data. Crypto trader Cas Abbe said the asset is at a stage of one of the most obvious bull flag formations, “and it’s getting closer to a breakout.”
Bitcoin may consolidate short term
Ether’s relative strength against Bitcoin has spiked almost 10% over the past 30 days.
Capriole Investments founder Charles Edwards told Cointelegraph that he expects Bitcoin’s market to cool off following its recent high of $122,884 on Monday, but believes the uptrend will pick back up toward the end of the year.
Related: Ethereum investors pile into ETH amid massive weekly surge
“I see some consolidation here after the big move, but ultimately higher into year end,” Edwards said.
While TradingView’s Bitcoin Moving Average Indicator signals the asset is a “Strong Sell,” many crypto analysts predict much higher for the asset before the year-end.
21Shares crypto research strategist Matt Mena told Cointelegraph that Bitcoin isn’t likely to enter a downtrend anytime soon, with strong fundamentals supporting its trajectory.
Magazine: Bitcoin OG Willy Woo has sold most of his Bitcoin: Here’s why
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
