In a remarkable turnaround, Bitcoin dominance has risen to 51.24%, marking a 0.19% increase on January 20, as per TradingView analytics.
Analysts like Michaël Van de Poppe suggest a pattern, stating that pre-halving, Bitcoin tends to peak, as seen in 2016 and 2020, signalling a potential mega rally for altcoins if Bitcoin bottoms out.
CrediBULL Crypto notes Bitcoin must surpass $42,500 to reverse a bearish trend, cautioning that failure may lead to a temporary drop, emphasizing the $40,000-$40,500 range as strong support since December 11.
Currently, at $41,500, Bitcoin saw a 15% dip from its $48,969 high post Spot Bitcoin ETF approval, with a slight rebound to $41,627.47 on Saturday, up 0.63%. Market cap is $814.51 billion, a 1.44% increase, while 24-hour trade volume dropped 22.34% to $21.17 billion.
Despite hitting $42,134.16, Bitcoin briefly fell below $42,000. Analysts foresee a critical period, with potential for an altcoin surge if Bitcoin stabilizes, but caution is urged amid price fluctuations and key resistance levels.
Also Read: Bitcoin ETFs Attract $33.1M Inflows Within Six Trading Days
