- Rekt Capital predicted in a tweet yesterday that BTC’s market dominance would soar soon.
- The trader and analyst forecasted that altcoin prices will climb following the increase in BTC’s dominance.
- Meanwhile, Ali predicted that BTC closing a daily candle above $31.5K will result in BTC’s uptrend continuing.
The crypto trader and analyst Rekt Capital predicted in a tweet yesterday that the market dominance for Bitcoin (BTC) may drastically increase this July. His prediction is based off of the trend witnessed in the middle of 2018. Should history repeat itself this July and BTC’s dominance surges, the trader forecasted that altcoins may struggle to keep up with BTC.
Rekt Capital’s post went on to add that capital may flow out of BTC and into the altcoin market. He was not, however, able to give an estimate of when the capital inflow into altcoins would happen. According to him, an early indication will be when the rise in BTC’s dominance begins to slow down after the predicted surge.
Rekt Capital was not the only analyst and trader to share his take on the market leader. Another analyst and trader Ali also published a tweet yesterday regarding BTC. In his post, Ali noted that the TD Sequential indicator presents a sell signal on BTC’s daily chart.
If the sell signal presented by the TD Sequential is validated, Ali believes that BTC’s price could correct to $30K in the next few days. He also added that a break below $30K may result in the crypto’s price falling to $29K. On the other hand, if BTC’s price is able to print a daily close above $31,500, then Ali expects BTC’s uptrend to continue.
At press time, the leading crypto’s price stood at $30,880.18 after it gained 0.52% over the past 24 hours, according to CoinMarketCap. This recent gain added to the crypto’s already-positive weekly performance. As a result, BTC was up 16.43% over the past 7 days.
The gain in BTC’s price was not accompanied by an increase in its total daily trading volume. Over the past 24 hours, its trading volume dropped 47.89%. As a result, the total stood at around $13 billion at press time.
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