Bitcoin’s (BTC) price consolidation phase is getting longer as each weekend market crash is followed by another week of consolidation. The top cryptocurrency has been moving in the price range of $30K-$40K for almost two months now. As bearish sentiment continues to dominate the market, crypto analyst CrediBull Crypto suggested the bull run is not over yet. The analyst predicted Bitcoin will hit a new all-time low in market dominance before the bull runs.
Bitcoin market dominance is currently at 45.1% and had dipped to its yearly low of 39% in the month of May. Earlier, the analyst had said that if Bitcoin dominance falls below 30%, people should start taking their profits.
The last May second week sell-off that wiped nearly a trillion out of the crypto market was the time when the dominance was at its lowest. During the end of the 2017 bull run, the dominance fell below 35 that triggered the sell-off, and it would need to fall even further down this time to trigger another sell-off, ending the bull run.
Bitcoin price has been consolidating under $35k for the majority of the past two months, occasionally testing $40K resistance a couple of times. This week BTC started with a key breakthrough above $35K resistance and almost touched $36K, but as has been the case on many previous occasions, it failed to solidify the above support. Bitcoin price fell below another key support at $33k yesterday and currently trading at $32,779. The top cryptocurrency needs to maintain its next key on-chain support of $30K to avoid a sell-off.
Many analysts believe Bitcoin is currently in a similar market phase seen during the mid of 2017 just before the final bull run began. However, on-chain data indicates Perpetual Funding Rate has been persistently negative since mid-May and buyers are a little hesitant on going long on the top cryptocurrency.
Bloomberg’s chief commodity strategist Mike McGlone predicted bull season will resume again and we will see another price surge in the second half of 2021.
What Gets BitconNear $100K, CrudeOil $50 – Enduring Trends: Bitcoin is poised to resume its bull-market and crude oil its bear trend in 2H, with profound macroeconomic implications, in our view. The benchmark digital asset represents rapidly advancing technology and deflation.
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