Analyst Says Rising USDT Dominance is a Buy Signal for Bitcoin And Altcoins
In the latest development, cryptocurrency analyst Crypto Rover issued bullish news in a recent X post.
The analyst shared with his 1 million followers on X that USDT’s dominance reaches such high levels every time during a bull market. He noted that this signals a huge Bitcoin and altcoin buying opportunity. Notably, he encouraged his followers to “Buy the dip!”
As of this writing, Bitcoin’s dominance is 58.11%, Ethereum’s dominance is 12.25%, USDT’s dominance Now is 4.31%.
Notably, despite the short-term bearish signals, the long-term outlook for Bitcoin remains bullish from a technical perspective following the post-election breakout in November. Additionally, a drop in Bitcoin prices in Q1 2025 could be a good opportunity to buy before Bitcoin’s next rally later this year.
Bitcoin returns below $100,000
Bitcoin’s recent price correction is likely caused by concerns about the Federal Reserve’s tightening of monetary policy, which could impact Bitcoin’s price in 2025. On January 7, the price of Bitcoin briefly exceeded the $100,000 mark, and then adjusted to $92,500.
Renowned on-chain analyst Ali Martinez highlighted that Bitcoin has fallen below the key demand area of $95,400 to $98,400, with 1.77 million addresses purchasing more than $1.53 million in BTC.
He noted that a surge in selling pressure could trigger a sharp decline in Bitcoin, pushing it below $92,000. He believes that from a macro perspective, current market conditions are reigniting concerns about a potential collapse of Bitcoin. He noted that to avoid a bearish outlook, Bitcoin must return to $100,000 and target new all-time highs.
