BitVoyag

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[CrediBULL Crypto @CredibleCrypto]

Zooming in for clarity- the asks (sells) in green were the ones that were filled, the asks in red are sitting on the books, yet to be filled.

The drop in OI when the asks in green were filled indicate we had short covering into those asks- shorts closing, bull whale using that buy pressure to close longs of his own = OI drops significantly.

This de-leveraging is always healthy at the end of the day and because the bull whale isn't market selling but rather letting buyers buy into his sales the price impact hasn't been as significant.

Let's see how things develop.

[Shortwave @Shortwave]

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Mount Fuji, Japan.

[Omega @aintomega]

ALTCOINS ARE SET TO EXPLODE 💥

▶️ Bitcoin Dominance

Bitcoin dominance refers to Bitcoin's market cap relative to the total market cap of all cryptocurrencies. This metric helps identify periods of risk-on and risk-off in the market.

- Rising dominance: Indicates investors are moving funds into Bitcoin, the strongest and safest asset, which can absorb liquidity and trigger a bull run.

- Falling dominance: Suggests a shift in investor interest towards altcoins, indicating higher risk tolerance and the potential for an altseason.

▶️ Current Market Situation

I foresee a potential Bitcoin dominance top in the 58/60% range.

This could mark the market bottom for altcoins in their BTC pair.

From there, I anticipate a gradual decline in dominance.

This decline, similar in magnitude to previous drops, could trigger another strong altseason.

Why Q4 2024? Due to BTC making a new ATH before halving and the $BTC ETF, this cycle is accelerated, hence why I'm expecting this to happen, instead in Q4 2025, this Q4 2024.

Especially with a potential $ETH ETF rolling out by end of year.