Bitcoin (BTC), the undisputed leader of the cryptocurrency world, seems to be continuing its move towards lower levels a week after the historic approval of Spot Bitcoin ETFs. During this period, the BTC price dropped below the $41,000 level. On the other hand, Bitcoin dominance reached its peak just days before the halving, and according to crypto analysts, Bitcoin’s price needs to hit the bottom soon. They believe this could lead to higher prices for altcoins.
Bitcoin Dominance and Analyst Comments
According to analyses related to Bitcoin, BTC dominance rose to 51.24% on Saturday, January 20, following an increase of 0.19%. Crypto analyst Michaël Van de Poppe noted that Bitcoin dominance is moving towards its peak just before the halving scheduled for April. He also added that history seems to be repeating itself.
van de Poppe said the following:
In 2016, it happened in 2020, and it seems likely to happen again in 2024.
The analyst also mentioned that if Bitcoin were to reach the bottom, altcoins could potentially perform better than BTC. Consequently, the idea of an incredible altcoin rally could become widespread among investors.
Another prominent crypto analyst CrediBULL Crypto, shared a chart in his statement on X, expressing his view on Bitcoin and emphasized that it needs to cross the ‘red’ area. According to the chart, if the BTC price rises above $42,500, the downtrend could be completely over.
However, the analyst added that if the first attempt fails, it would make sense to create a range here for a second attempt to clear this double bottom by scanning the lows once more.
If we can’t do it on the first try, I think it makes sense to create a range here to scan the lows once more before a second attempt to clear this double bottom.
On the other hand, the analyst reiterated that the price range between $40,000 and $40,500 has been a strong support for Bitcoin since December 11 of the previous year, and it still remains a reliable support. He also emphasized that if this region is lost, chaos could ensue regarding the price.
What is the Price of BTC?
At the time of writing, Bitcoin is trading at $41,500 and appears to be trying to hold above $41,000 after a sharp 15% drop from the $49,000 level seen immediately after the approval of Spot Bitcoin ETFs.
During this period, Bitcoin’s market value rose by 1.36% to $813 billion. Despite the increase in market capitalization, the 24-hour trading volume has fallen by more than 25% to below $21 billion.
