Bitcoin Defies Gravity- Headed to $15,000 as It's Dominance Increases
Bitcoin's technical and macro indicators are improving as it's dominance in the cryptocurrency market is at the highest level since the bull market of 2017. Bitcoin is retreating slightly from $12,000 and indicators are flashing that a new bull run is coming soon.
With a dominance approaching 70%, Bitcoin is crushing the performance of other assets in the cryptocurrency and stock markets. As Bitcoin's dominance increases, money flows from altcoins into the king of digital assets, and powers a bull run. Bitcoin's dominance typically hovers around 50-60%, and such an impressive rise preceded the bull run of 2017. The media is taking notice, and institutions are jumping on the chance to profit during a stock market swoon.
Bitcoin has touched $12,000 today, and has retreated slightly to $11,700. This is in the face of a massive stock market swoon. The DOW fell a monstrous 767-points, marking the worst day in the market in 2019, and among the worst recorded. Stock markets around the world followed suit with news of the increasingly brutal US and China trade war. Bitcoin and gold are acting as safe haven assets and are also seeing investment from institutions hungry for yield during the downturn.
In the face of SEC cryptocurrency node upstarts, increased scrutiny over Libra Coin and the greater cryptocurrency market, Bitcoin continues to perform. Rising over 300% off the 2019 low, Bitcoin looks to be entering a new bullish period ahead of the rewards halving slated for May of 2020. Keep watching as Bitcoin accelerates to a potential all time high. If Bitcoin can break its $14,000 upper-resistance level, expect a run to all time highs. I am a buyer here.
Sources:
Picture from Pixabay.
https://www.cnn.com/2019/08/05/investing/dow-stock-market-today/index.html
https://www.coindesk.com/bitcoin-eyes-12k-price-hurdle-as-dominance-rate-hits-28-month-high
https://www.newsbtc.com/2019/08/06/bitcoin-dominance-nears-70-for-the-first-time-since-december-2017/
