BTC Dominance Drops, Altcoin Season Begins
Bitcoin is currently trading above the historically critical $100,000 level and is up more than 1% in the past 24 hours. According to crypto world analyst Josh, Bitcoin is forming a new pattern in the short term, which deserves our attention. Here’s a breakdown of his analysis:
Bitcoin Bullish Market Overview
The analyst said that Bitcoin is clearly still in a bull market. The weekly RSI signals a strong bullish trend, which has sparked major bull markets in the past. The MACD is also showing bullish signs, similar to last year when it predicted a sharp rise that would last for several months. Based on these indicators, the bull market is likely to continue into 2025.
Bitcoin Resistance and Price Targets
Currently, Bitcoin faces resistance around $102,000, which is the 1618 Fibonacci extension level. If Bitcoin is able to break above this level, we could see the price rise towards $113,000. The next key price target is $113,000, but it will be some time before Bitcoin reaches $300,000, which may take several years or the next bull run.
As support, Bitcoin held around $89,000. In the short term, the price is consolidating around $100,000, and as the market cools down, we may see a period of sideways movement.
Bitcoin is forming a symmetrical triangle pattern with support around $99,000 and resistance around $102,000. A break above $102,000 could push the price toward $108,000, while a break below the support could see the price drop to around $93,000.
Bitcoin Liquidity Heat Map
The Bitcoin liquidation heat map shows significant liquidity increasing between $104,000 and $105,000. If Bitcoin breaks above this level, we may see a short squeeze, pushing the price higher. There are additional liquidity levels between $102,000 and $105,000, which may play a role in future price movements.
Bitcoin dominance declines, altcoin season begins
The Bitcoin dominance chart shows that after breaking through the key support level of 57%, it has now dropped to around 55%. This confirms that altcoins may outperform Bitcoin in the near future, hinting at the start of the main altcoin season.
