Bearish Bat Pattern of Bitcoin Dominance Suggests a Bullish Altcoin Phase

The latest market data points out a noteworthy development concerning Bitcoin's dominance (BTC.d) in the crypto market.

Latest market data highlights a significant development pertaining to Bitcoin’s dominance (BTC.d) within the crypto market. According to data from Binance Killers, Bitcoin Dominance appears to be forming a bearish bat pattern, which could indicate an upcoming altcoin price action. The Telegram-based crypto trading signals provider recently shared insights on this pattern through its official handle.

Binance Killers noted that the bearish bat pattern of Bitcoin dominance is reportedly showing a bullish sign for altcoins. The respective development could be paving the way for a substantial altcoin reversal, according to the Telegram channel. Hence, we may expect the altcoin sector to witness an upward momentum following the completion of this pattern.

As Bitcoin dominance falls, traders tend to book profits from Bitcoin and re-invest in altcoins. In this regard, Binance Killers anticipates a likely bullish phase for the altcoins following this pattern. However, it is likely that dominance may rise a bit more and then fall after making a clear pattern.

The trading signals platform highlighted that the ongoing bearish momentum in Bitcoin dominance could be leading to an altcoin price action. It suggests that following the completion of the bearish bat pattern mentioned above, altcoins could possibly enter a bullish phase. In this way, this may lead to an altcoin rally. In this case, the coin that will benefit first of all is Ethereum ($ETH). After that, money will likely flow to high cap altcoins and then to the rest of the altcoins.

The Conclusion Of The Pattern May Trigger The Onset Of An Altcoin Market Rally

According to Binance Killers, the conclusion of Bitcoin’s bearish bat phase in terms of dominance could trigger the onset of the altcoin upsurge. Keeping this in mind, the altcoin investors may get ready for a likely market rally. Even then, they need to carefully oversee the market conditions to detect the oversold or overbought positions to capitalize on a potential bull run.