- BTC sees rejection at point of control for the second time.
- This pattern playing out again bodes well for altcoin prices.
- Analysts expect altcoin assets to surge in prices soon should Bitcoin Dominance fall.
The crypto community is displeased to see crypto market prices falling once again as the year moves towards the final days of the month of July. Presently, BTC sees rejection at Point of Control for the second time, leading to a BTC price falling from $65,000 to $63,000 instead of breaking up to the $67,000 price range. At the same time, altcoin experts are pleased to see Bitcoin Dominance preparing to fall.
BTC Sees Rejection at Point of Control for the Second Time
The weekend before the final days of the month of July sees a weekend dip in crypto prices as the price of BTC fell from the $65,000price range to that of the $63,000 price range. This marks a price dip of over 2.5% in the last 24 hours. While the price of Bitcoin struggles to reclaim the $64,000 once again, the crypto community debates the possibilities of a greater dip in the price of BTC.
As we can see from the post above, this popular crypto expert, analyst, and trader observes how Bitcoin (BTC) got rejected by the Point of Control for the second time. When this happened last, earlier this year in June, it triggered a -13% crash. Thus, the post goes on to suggest that this time BTC could see an even deeper dip. Using this observation, it is likely that if $67,000 is the top for the rest of summer, then the upcoming crash could be similar to the February crash.
While this may bode well for bearish traders, it is important to note that a few bearish analysts have changed their bear forecast to confirm that the bear market bottom will not be as severe as they once expected. For instance, earlier this year, the price of BTC was expected to fall as low as the $40,00 price range. Now, the popular opinion is that BTC will only dip as far as the $54,000 price range.
Bitcoin Dominance Prepares to Fall
Meanwhile, expectations for the bullish altseason peak phase to arrive in the coming months also seems to be gaining attention. Already several altcoin assets are showing strong bullish signals across their price charts, with many promising assets showing the possibility of surging to higher highs over the coming months ahead. Can altseason play out as BTC sets its bottom?
As we can see from the post above, Bitcoin Dominance is still looking to be in the final phase of a Head & Shoulders pattern. This pattern showed up in 2020 – 2021 before a huge dip that coincided with a huge altseason. Thus, the expert concludes that seeing it show up again now can be significant for altcoins. If the pattern plays out as hoped, the price of the entire altcoin market could go parabolic.