- Bitcoin dominance in wave 5 targets 64.7% on the 12-hour chart; a drop from 70% could spark altseason, echoing 2017 and 2020.
- The market defies the crowd, as backlash showed, with wave 5 building steadily after a zigzag dip.
- Awesome Oscillator divergence will flag the trend’s end, and dominance nearing past highs hints at an altcoin boom.
A recent study exploring Bitcoin dominance created a torrent of backlash online, with critics unleashing a wave of negativity. It’s a classic example of the market doing the very opposite of what the crowd is calling for a real eye-opener!
Those biting comments proved to be a blessing in disguise, igniting a fire to reconsider the strategy. Now, let’s hone the lens and zoom in on wave 5, decomposing it into a tighter time frame to bring it into greater focus. And there’s whispering in the wind altseason could be just on the horizon.
Wave 5 Takes Shape with Bitcoin dominance
Moving to the 12-hour chart, the pattern becomes clear. Wave 3 saw a significant jump, driving Bitcoin’s price upward before it ran into a wall and retreated in a neat zigzag marked ABC. That pullback prepared the way for wave 5 to soar.
Within this new wave, the first two steps are already complete: wave 1 rose strong, and wave 2 fell back to the 0.61 Fibonacci level, a place that’s as predictable as clockwork for traders.
In the meantime, the Bitcoin Dominance chart is inching towards a record high, corresponding to highs in December 2017 and December 2020—suggesting great things to come.
Then, the attention turns to wave 3’s termination point. It may extend to equal wave 1’s length (a 1-to-1 extension) or extend further to a 1.61 move, but the 64.7% level seems the most conservative bet, considering Bitcoin’s recent cadence.
After wave 3 reaches its peak, wave 4 will take over with a minor pullback a mere pause before wave 5 brings it all home with one final push. Every step follows on from the previous one, and the chart’s a narrative of consistent momentum.
If history is to repeat itself, altseason may begin when Bitcoin dominance drops from that 70% high, allowing altcoins to take center stage.
Altseason on the corner?
Catching the end of this trend takes some skill, and the Awesome Oscillator helps with that. When its bars begin to move away from the price demonstrating divergence it’s a warning the steam may be running low.
This closer examination of Bitcoin’s dominance confirms it’s still standing, and the next turn of the market may keep everyone in the dark.
With the Bitcoin dominance chart approaching those historic highs, it’s difficult not to bellow: altseason is sure to arrive! Courtesy of the doomsayers, this revised perspective feels clearer and prepared for whatever comes next.
Also Read: Will Bitcoin price Hit $250K? Arthur Hayes Reveals the Shocking Truth
