study the bitcoin bear market by bitcoin dominance

Bitcoin dominance chart shows some interesting patterns. At the beginning of the bear market, the bitcoin dominance dropped significantly from the last shitcoin bubble. The bitcoin dominance did a W bottom, and then hits the expected target around 55% with the etf new rumor. After that, the bitcoin dominance started to form a bull flag , based on the symmetrical triangle, it should break out within a month or two, expected target is around 65-70%. That means.. something gonna happen, either bitcoin pump hard, while altcoins stay steady, like we did in August 2018. The alternative scenario is we drop hard from 3k level, and altcoins drop even harder.

In last phase of the bear market, people tends to put money into safer asset bitcoin (risk averse). Will be interesting to see, what gonna happen in 2-3 months, im leaning towards btc will go through the capitulation phase, while those big cap altcoins drop even harder...

Comment:

Took a look at xrp and Eth, both looks horrible. The reason behind xrp constant pumping out of no where is due to the amour of xrp they need to sell from OTC. It seems they are not able to hold the long term trend support anymore with the prolonged bear market(xlm already breaks down), while eth in a even worser situation. I will post one more post to elabrate the idea why bitcoin dominance will go up to 70%

Comment:

xrp will crash in coming weeks, which will make btc dominance break above the symmetrical triangle