Bitcoin resumed its rally after facing minor bearish action over the past few hours, hovering in the crucial resistance zone. It looked like the bear stood still until the price reached over $21,000 and later quickly jumped into action to slow the pace of the rally. Despite this, the bulls left no room for the bears to stabilize and quickly recaptured the rally aiming to break above $25,000 in the next few days.
The bulls currently appear to be in a good position and therefore the ongoing uptrend is likely to continue. One of the well-known analysts, IncomeSharks, compares the current rally to that of 2019 and speculates that the price of BTC could reach new highs for the year 2023 at around $30,000 to $35,000.
Interestingly, the analyst further claims that the price of BTC could face a huge rejection from these levels, very similar to what happened in 2019, followed by a massive price drop.
“I think 2019 best explains what’s happening, but at a faster pace. FTX was the sellout event. Had a couple of dull months. Momentum caught a lot off guard. And a rally that will last longer than you wouldn’t think so. About a $30/$35,000 rally. Then a long jerky bleed,”
Also, BTC’s dominance is decreasing against altcoins in the medium term. Because of this majority, altcoins are expected to outperform quietly. Until BTC dominance remains lower in the ranges, altcoins could also inflate against the USD. However, if dominance recovers, markets could see massive trend reversals in which altcoins could enter a long accumulation phase as Bitcoin could roar again.