Is the Bitcoin dominance rejected at 71.5%? That’s the question.
If it’s rejected, this would mean it would start a downwards trend and this means the dominance of Bitcoin compared to the entire market would go down. The only way that can happen is if altcoins go up in BTC value.
If the dominance is not rejected and simply doing a little pullback to continue its upwards trend, the next stop is at 77% dominance and that’s a long way from where we are now…
Also, the Bitcoin price seems to continue its way down and range more in the descending wedge it formed. The most likely scenario is that it stays within the range for about 2 more months, with the range getting more and more tight, which means volatility would go down. This would make sense if we see a rejected Bitcoin dominance at 71.5%. This combined makes it look like we’re going to see some altcoin action once the Bitcoin price stabilizes a bit more.
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