Bitcoin Dominance - Technical Analysis, June 14th, 2024

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NFA.
What do you think? Please share in the comments.
Best Wishes.

[@cultureofwoods]

Alts are on a knife edge for sure! The BTC dominance chart looks ugly and corrective (overlapping waves) and I am expecting a sharp drop at some point but I think there could be a fakeout higher first. This would mean a big wick down for alts before the bottom is finally in... There is a major capital rotation in the stock markets too at the moment, with the small caps getting rekd and only the top ten rising; the recent Apple move is a joke and I think we are nearing the end of this rotation before money moves back to higher risk assets. One final thing, the ETF is presumably pumping BTC and this money is unlikely to rotate into the alts if there is a BTC selloff; the reason people are buying the ETF is because it is less risky - I don't think they are all going to degen into alts if they sell!

[@NewThoughtCrypto]

I agree. Your point about capital rotation is also on point. Would you agree that Bitcoin is in a major wave 4 correction?

[@cultureofwoods]

@@NewThoughtCrypto Sorry - I have only just seen this. I don’t seem to get notified when you respond to my comments. I do agree BTC is in the wave 4 correction of this bull cycle. Zooming out even further, I see this as a fifth and final wave up of the bull cycle that started in 2018, so we are very close to a major long-term top IMO