Bitcoin Just Saw its Biggest Retracement: Analyst
Famous cryptocurrency analyst Rekt Capital has provided insights on Bitcoin’s recent market behaviour, suggesting that the current pullback may mark the longest retrace in the current cycle. According to a recent tweet, Rekt Capital stated, “If $56,000 was not the bottom then this current pullback will have officially been the longest retrace in this cycle at 65 days. History, however, suggests that this current pullback ended at $56,000 and 47 days.”
This analysis indicates that the Bitcoin market may have already found its bottom at $56,000, potentially signalling the end of the retracement period. If this holds, investors could anticipate a stabilization or upward trend in Bitcoin’s price.
Michael Van de Poppe on Bitcoin Dominance and Ethereum ETF
Meanwhile, Michael Van de Poppe, CEO of MN Trading Ventures, shared his thoughts on Bitcoin dominance and the impact of upcoming news on the Ethereum market. Van de Poppe tweeted that Bitcoin dominance had likely peaked. He mentioned that the upcoming week’s news surrounding the Ethereum ETF would be a significant positive trigger for the markets. He expected this to be the rotation for the Altcoins.
Van de Poppe’s comments suggest that Bitcoin’s market dominance might be waning, creating an opportunity for altcoins to gain traction. He highlights the potential positive impact of an Ethereum ETF announcement, which could catalyze market rotation towards altcoins, benefiting the broader cryptocurrency ecosystem.
