Analyzing Bitcoin’s historical dominance over the crypto market, will BTC continue to dominate? ๐จ This article is 5 years old...
Analyzing Bitcoin’s historical dominance over the crypto market, will BTC continue to dominate?
1 min read
Updated: Dec. 3, 2019 at 7:58 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
During the last few weeks, many respected analysts have claimed that the bottom is in for bitcoinย and the conditions are setting up the market for another โparabolic move,โ as Peter Brandt explained. Surpassing the $4,200 resistance level on Apr. 2, 2019, represented the most important pivot point for these analysts to change their views from bearish to bullish.
There are also those who believe that the crypto bear market is not over yet. Tyler Jenks, for instance, sees bitcoin bottoming at $1,000. Bears are expecting to see Bitcoin dominance rise significantly with respect to other cryptocurrencies before they can call an end to the bear market.
Bulls vs. Bears
A recent survey conducted by Willy Woo, a trader who was named one of the top-5 analysts of 2017, surveyed some of the most notable analysts and influencers in the crypto sphere on whether they believe the bear market is near an end.
These analysts gave a 71.6 percent probability that the low of Dec. 15, 2018, when bitcoin was trading at $3,190, marked the bottom of the market. However, those who were not as bullish concluded that the total market capitalization will play a more important role in calling the bottom.
Tuur Demeester and Michiel Lescrauwaet, founding partner and co-founder of Adamant Capital, created a report explaining why bitcoin has started a massive accumulation phase leading them to infer that the bottom is in.
โNow, at 75% below its 2017 all-time high, we believe the current bear market represents an exceptional opportunity for value investors.โ
Adamant Capital suggests that a capitulation event took place in November 2018 when bitcoinโs market valuation declined by 48 percent, which marked the bottom of the bear market.
