As of writing, Bitcoin (BTC) has dipped to $97,400, failing to sustain its recent attempts at breaching $98,700. This minor pullback has also dragged down altcoin prices, leaving investors questioning the near-term outlook. The key factor to watch? Bitcoin’s market dominance (BTC.D).
According to crypto analyst Nuevo, Bitcoin’s dominance is showing signs of a potential reversal. “Here we go… Is it happening?” he remarked, noting a slight deviation above the critical 61.55% level, peaking at 61.83%. This could signal a downward trend in BTC.D, potentially dropping to 52% or even 48%. Nuevo also highlighted the importance of breaking the weekly EMA50 for confirmation.
Altcoin Insights: APT Coin’s $22 Target?
Crypto Bullet, another prominent analyst, shared insights specific to APT Coin. Based on its current chart pattern, APT is targeting a price of $22. However, this optimistic forecast hinges on BTC.D continuing its decline. Should Bitcoin dominance ease, altcoins like APT could rally significantly.
Bitcoin’s Weekend Outlook
The short-term market outlook remains uncertain due to low trading volumes over the weekend. BTC is nearing its $97,000 support, a level that could spell trouble for altcoins if broken. Analysts warn that panic selling may ensue, dampening sentiment further.
Daan Crypto Trades noted that while more volatility in altcoins was expected, the market has remained surprisingly quiet. “As the holidays wrap up, we’ll likely see more activity in the coming weeks,” he stated, suggesting that the first full trading week of 2025 could bring renewed momentum. Upcoming economic events, including Fed minutes and employment data, are expected to shape market movements.
What Lies Ahead?
Altcoin investors are eagerly awaiting a potential decline in Bitcoin dominance, which could signal the start of a broader altcoin rally. However, the market’s next moves depend heavily on external factors, including macroeconomic data. Stay tuned to Dey There for timely updates and analysis as the crypto market unfolds.
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