Bitcoin and Altcoins battle for marketshare

20 Apr 2020

On the left, we have the Altcoin market cap vs the Bitcoin dominance chart on the right. We are looking at a possible reversal with the alts as we approach the 77 Billion dollar mark and Bitcoin's drop to 62.72 dominance. As we get closer to the Bitcoin halving I believe we could see Bitcoin bounce from this fib line at 62 and trend higher as bigger money starts to accumulate more Bitcoin. Once we move higher to the 68 level in Bitcoin dominance then we will top out with Bitcoin and head lower to the 57 mark. At this point, Altcoins will have hit their low at the next fib line of
$50 billion and head higher and from this point, I believe Altcoins will not look back as Bitcoin slowly gives market share to its cousins and nephews in the Alts.

20 Apr 2020

Catatan

Keep in mind that even as Bitcoin drops in market dominance doesn't mean it will drop in price. On the contrary, Bitcoin's value will increase as bigger players want the scarcest asset on the planet, that being Bitcoin with a total supply of only 21 million Bitcoin. As of now, there are 18+ million BItcoin in circulation.

20 Apr 2020

Catatan

Also, keep in mind that the Altcoins could run up higher to the $100 Billion market cap as well before going lower. These are the two fib lines that Altcoins will target, either the $77 billion fib or the $100 billion fib lines.