105 days from the previous cycle top to low market dominance at 39%, should see BTC fall into the red zone around mid february and the end of the market.
Also a likely scenario that invalidates this, is a further purchasing in BTC to 150k following on the 3rd wave of the elliot wave pattern from it's previous low.
However in terms of both it's current dominance being lower than previous markets, and DOW, S&P and Russel 2000 being higher in fibonacci at their 4.236 from each market high to low, it's likely BTC hasn't got the strength left in it to perform, considering this is also the end of a 12 year debt cycle It's unlikely BTC has anything futher.
Additionally Pi cycle top indicators on both BTC Market cap and Price haven't triggered yet, so there is a potential it crosses soon. In which case Alt season runs adjacent with BTC price moving to 150 but Dominance slowly falls to 40% or lower over the next 2 months with no alt season continuing on BTC retracement. This essentially marks the retracement period has started, but will push for a higher price, which is similar to the 2021 market with a double top rather than 2012, or 2017 where BTC topped, and then retraced to 0.702 from a 20% correction.
Also a likely scenario that invalidates this, is a further purchasing in BTC to 150k following on the 3rd wave of the elliot wave pattern from it's previous low.
However in terms of both it's current dominance being lower than previous markets, and DOW, S&P and Russel 2000 being higher in fibonacci at their 4.236 from each market high to low, it's likely BTC hasn't got the strength left in it to perform, considering this is also the end of a 12 year debt cycle It's unlikely BTC has anything futher.
Additionally Pi cycle top indicators on both BTC Market cap and Price haven't triggered yet, so there is a potential it crosses soon. In which case Alt season runs adjacent with BTC price moving to 150 but Dominance slowly falls to 40% or lower over the next 2 months with no alt season continuing on BTC retracement. This essentially marks the retracement period has started, but will push for a higher price, which is similar to the 2021 market with a double top rather than 2012, or 2017 where BTC topped, and then retraced to 0.702 from a 20% correction.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.