{"id":810863,"date":"2024-12-08T10:42:39","date_gmt":"2024-12-08T16:42:39","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/08\/bitcoin-price-prediction-btc-dominance-drops-altcoin-season-begins\/"},"modified":"2024-12-08T10:42:39","modified_gmt":"2024-12-08T16:42:39","slug":"bitcoin-price-prediction-btc-dominance-drops-altcoin-season-begins","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/08\/bitcoin-price-prediction-btc-dominance-drops-altcoin-season-begins\/","title":{"rendered":"Bitcoin Price Prediction: BTC Dominance Drops, Altcoin Season Begins"},"content":{"rendered":"
\n
\n
\n
\"What\u2019s<\/figure>\n<\/div>\n
\n

Bitcoin is currently trading above the historic and crucial $100k level and is up by more than one percent in the last 24 hours. According to analyst Josh of Crypto World,<\/a> Bitcoin is forming a new pattern in the short term that we should keep an eye on. Here\u2019s a breakdown of his analysis:\u00a0<\/p>\n

Bitcoin\u2019s Bullish Market Overview<\/strong><\/p>\n

The analyst said that Bitcoin is clearly still in a bull market. The weekly RSI is signaling a strong bullish trend, which has led to major bull runs in the past. The MACD is also showing bullish signs, similar to last year when it predicted a major rally that lasted for months. Based on these indicators, it\u2019s likely that the bull market could continue into 2025.<\/p>\n

Resistance and Price Targets for Bitcoin<\/strong><\/p>\n

Currently, Bitcoin is facing resistance level at around $102,000, which is the 1618 Fibonacci extension level. If Bitcoin can break above this, we could see a move towards $113,000. The next key price target is $113,000, but it\u2019s still a while before Bitcoin might reach $300,000, which could take a few more years and possibly the next bull market.<\/p>\n

For support, Bitcoin is holding at around $89,000. Short-term, the price is consolidating around $100,000, and we might see sideways movement for a while as the market cools off.<\/p>\n

Bitcoin is forming a symmetrical triangle pattern, with support around $99,000 and resistance around $102,000. A breakout above $102,000 could push the price towards $108,000, while a break below support could lead to a move down to around $93,000.<\/p>\n

Bitcoin Liquidity Heat Map<\/strong><\/p>\n

The Bitcoin liquidation heat map shows significant liquidity building around $104,000 to $105,000. If Bitcoin breaks above this level, we could see a short squeeze, pushing the price higher. There are also other liquidity levels between $102,000 and $105,000, which could play a role in future price action.<\/p>\n

Bitcoin Dominance Drops, Altcoin Season Begins<\/strong><\/p>\n

The Bitcoin dominance chart is showing a decline, currently at around 55%, after breaking a key support level at 57%. This confirms that altcoins are likely to outperform Bitcoin in the near future, hinting at a start of a major altcoin season.<\/p>\n<\/div>\n

\n

We’d Love to Hear Your Thoughts on This Article!<\/h2>\n
\n

Was this writing helpful?<\/h4>\n<\/div>\n<\/div><\/div>\n

Read More<\/a>
\n \ufeffAnjali Belgaumkar<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is currently trading above the historic and crucial $100k level and is up by more than one percent in the last 24 hours. According to analyst Josh of Crypto World, Bitcoin is forming a new pattern in the short term that we should keep an eye on. Here\u2019s a breakdown of his analysis:\u00a0 Bitcoin\u2019s<\/p>\n","protected":false},"author":1,"featured_media":810864,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4041,4759],"tags":[],"class_list":["post-810863","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","category-price"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/810863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=810863"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/810863\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/810864"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=810863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=810863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=810863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}