Here's something you don't see everyday.
https://www.tradingview.com/symbols/CRYPTOCAP-BTC.D/
I noticed something recently that I very rarely see when it comes to the speculation game. We can see that Bitcoin dominance dropped from 47.5% to 45% in the above graph.
So what? Seems like a small move.
Yes, it is a small move, but it is also significant.
During this time from October 19th to now (October 24th) Bitcoin has corrected from $67k down to the $60k support unit-bias line. This is a very rare signal that occurs quite infrequently. Normally a crashing price of Bitcoin would absolutely stomp on the alts x2 or more. Rather we see that the alt-market was relatively unaffected by the movement and gained dominance as BTC lost value.
What does it mean?
We can infer several things from this rare movement. The first of which came to mind was the idea that perhaps Bitcoin is becoming more manipulated than the alts at this time. This would make sense with the advent of all the futures ETFs being approved. All that institutional adoption is flexing its muscles on Bitcoin but the rest of the market is still largely untamed.
Let it ride!
Another thing we might infer is that alts are untethering from Bitcoin a bit. There is no rule that says alts must go down if Bitcoin goes down. Liquidity bots may view the alts as much more desirable during this potential mega-bubble period. Less risk-averse bots means less value transference to Bitcoin.
Full on alt-market
This is really the ultimate signal for another massive alt market rally. The alts are picking up speed when Bitcoin moves forward and gaining even more dominance when Bitcoin goes down. This could be the ultimate precursor to the mega-bubble we've been predicting all along.
Let's not forget that October is usually kind of a boring month when looked at in retrospect. Considering BTC just went up 50% in the first 3 weeks of October, this could be a sign that No Dip November and Degen December are going to be even more insane than 2013/2017. Considering all this institutional adoption and even foreign currency status I'd have to assume this would be the case. The market has never been more bullish than this on the 4-year macro scale. All that is required now is that Bitcoin break above ATHs and hold there so that the bears get proved wrong once again.
Hive
Hive hasn't even flinched in the face of this 10% drop in BTC.
Normally Hive would have lost 20% of its value.
Rather it is still traveling in a tight 75-80 cent band.
Largely unaffected.
Once again, as predicted, this signals that even though we pretty much lost all of our perceived gains from the $1.60 pump, we still have an uncrackable support at the 70 cent line. It's only a matter of time before Hive and dozens of other alts start mooning during the mega-bubble.
It's also quite possible that alts will lead the charge on this one. Everyone is expecting that BTC will lead the way this time around just like it always does. As we all know the market rarely does what people are assuming it will. Don't be surprised when it is actually the alts that carry Bitcoin through this iron gauntlet of insanity. All the signals point to alts being very strong right now, and many of the alts haven't even gotten back to all time highs yet. Hive would have to 10x to get back to Steem's 2017 ATH. Meanwhile, BTC is already x3 higher than the 2017 ATH. Food for thought. Alts have a LOT of catching up to do. This could be the signal we were looking for.
Conclusion
Hopium is fun. My preferred method is to crush it up and snort it, but if you like melting it with a spoon and injecting it straight into the bloodstream I can't fault you for that.
If the 4-year macro cycle does materialize, coins like Hive and whatever else will get an automatic 100x. Liquidity honeypots like Rune and DEFI could go 1000x. It sounds ridiculous, and that's because it is.
For those of us that think there is a devastating economic collapse right around the corner... that is also true! And what's the best way to fleece all the sheep right before it happens? Pump the market to the moon and the orchestrate a controlled demolition. Duh!
Steel yourselves.
We are in for a bumpy ride. And this is your lifeboat:
3D printed it myself!
Let it ride!
Posted Using LeoFinance Beta
Return from Market Watch: Bitcoin posts very rare signal. to edicted's Web3 Blog
