Bitcoin Dominance Soars Pre-Halving, Investors Ditch Altcoins for BTC

As the Bitcoin Halving nears, the cryptocurrency has shown renewed strength, rising above $71,000 and targeting $73,777 resistance. Analysts predict Bitcoin dominance to surge to 56%, drawing liquidity from altcoins and potentially outperforming Ethereum. The ETH/BTC ratio is expected to break down, with a potential stabilization at 0.05 until the year's end.

Bitcoin Dominance Rising Ahead of Halving, Altcoins Shifted to BTC

With the Bitcoin Halving looming just 23 days away, the cryptocurrency has ignited a surge in dominance, enticing investors to direct funds from altcoins to BTC. Crypto analyst Benjamin Cowen predicts a surge to 56%, citing the anticipation surrounding the halving as a catalyst for the influx of liquidity into Bitcoin.

Weakening ALT/BTC Pairs Signal Bitcoin Preference

Cowen emphasizes the significance of monitoring ALT/BTC pairs, suggesting that BTC remains the preferred choice for investors as long as these pairs exhibit weakness. The current ALT/BTC ratio stands at 47%, but a decline below 39% could signal a local peak for Bitcoin.

Bitcoin to Outpace Ethereum, ETH/BTC Ratio in Decline

Cowen anticipates Bitcoin's strength to overshadow Ethereum (ETH) in the coming weeks, potentially causing a breakdown in the ETH/BTC ratio. He predicts a potential drop to 0.03-0.04, followed by a stabilization around 0.05 until the end of the year, before a rebound.

Bitcoin Price Analysis: Positive Start and Resistance Ahead

The Bitcoin price has initiated the week on a positive note, hovering around $70,404 with a focus on maintaining the $70,000 level. Analysts speculate that if the price sustains above $69,000, the BTC/USDT pair could surge towards the crucial resistance of $73,777. A successful breach of this level could pave the way for a further advance to $82,000.

Conclusion: Halving Countdown Sparks Bitcoin Dominance and Potential Shift in Market Dynamics

As the Bitcoin Halving approaches, the cryptocurrency is asserting its dominance, drawing investment from altcoins and potentially outpacing Ethereum. The ETH/BTC ratio is poised for a decline, while Bitcoin's price targets resistance levels above $70,000. These developments signal a shift in market dynamics and underscore the importance of monitoring key indicators in the lead-up to the halving event.