BTC Dominance Drops, Altcoin Season Begins

Bitcoin is currently trading above the historic and critical $100k level and is up more than one percent in the last 24 hours. According to Josh, an analyst at Crypto World, Bitcoin is forming a new pattern in the short term that we should keep an eye on. Here is his analysis:

Overview of the Bitcoin Bullish Market

The analyst is clear that Bitcoin is still in a bull market. The weekly RSI is showing a strong bullish trend, which has led to major bull runs in the past. MACD is showing bullish signs similar to last year when it predicted a big rally that lasted for months. Based on these indicators, the bull market is likely to continue in 2025.

Resistance and price targets for Bitcoin

Currently, Bitcoin is facing a resistance level around $102,000, which is the 1618 Fibonacci extension level. If Bitcoin can break above this, we could see a move towards $113,000. The next key price target is $113,000, but it will be a while before Bitcoin reaches $300,000, which may take a few more years and possibly the next bull market.

For support, Bitcoin holds around $89,000. Short-term, the price is consolidating around $100,000, and we will see sideways movement for a while as the market cools.

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 to $108,000, while a break below support could push the price down to $93,000.

Bitcoin liquid heat map

The Bitcoin Liquidity Heat Map shows significant liquidity building around $104,000 to $105,000. If Bitcoin breaks above this level, we could see a short squeeze, sending the price higher. There are other liquidity levels between $102,000 and $105,000, which could play a role in future price action.

Bitcoin supremacy comes down, Altcoin phase begins

After breaching the key support level at 57%, the Bitcoin Dominance chart is currently declining to around 55%. This confirms that altcoins may surpass Bitcoin in the near future, signaling the beginning of a prime altcoin era.