Bull Flag

Bitcoin

Rekt

Rekt Capital, a top-notch analyst renowned for his insights on Twitter,<a href="https://twitter.com/rektcapital/status/1691739732223447313?s=20" target="_blank" rel="noopener noreferrer nofollow"> recently shared his observations on Bitcoin’s dominance </a>in the cryptocurrency market. He pointed out that Bitcoin’s dominance is currently undergoing a retest within a specific red zone. 
This phase of retesting might be nearing its end, suggesting that Bitcoin’s dominance could soon be on the rise again. An increase in Bitcoin’s dominance typically indicates a decrease in the value of other cryptocurrencies, commonly referred to as altcoins. 
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Therefore, if Bitcoin’s dominance continues to surge, it could negatively impact the valuations of altcoins. 
In a subsequent tweet, the well-known trader posed an intriguing question: What if Bitcoin’s dominance is shaping up to form a Bull Flag? This technical pattern often signals a potential upward breakout. If Bitcoin’s dominance does break out from this Bull Flag formation, it could spell trouble for altcoins. Such a breakout would likely be detrimental to their value. 
Furthermore, Rekt Capital <a href="https://twitter.com/rektcapital/status/1691740077142036931?s=20" target="_blank" rel="noopener noreferrer nofollow">highlighted the significance of Bitcoin’s monthly close price</a>. If Bitcoin closes the month around the $29,250 mark, it would solidify this price point as a resistance level. This could potentially lead to a downward trend for Bitcoin. However, it’s essential to note that the monthly close price can fluctuate due to the inherent volatility associated with this price level. 
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 <img decoding="async" loading="lazy" width="1024" height="748" src="https://captainaltcoin.com/wp-content/uploads/2023/08/image-513-1024x748.png" alt="" class="wp-image-314608" srcset="https://captainaltcoin.com/wp-content/uploads/2023/08/image-513-1024x748.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-513-300x219.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-513-767x560.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-513-1536x1121.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-513-2048x1495.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-513-205x150.png 205w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-513-100x73.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-513-479x350.png 479w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-513-788x575.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/08/image-513.png 1852w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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As we approach the end of August, the expert trader emphasized that Bitcoin hasn’t provided enough evidence to counter the possibility of a Double Top formation. A Double Top is a bearish reversal pattern, and its invalidation would be crucial for Bitcoin’s future price trajectory. 
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The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/top-crypto-analyst-says-bitcoin-dominance-poised-to-break-out-spelling-trouble-for-altcoins/">Top Crypto Analyst Says Bitcoin Dominance Poised to Break Out, Spelling Trouble for Altcoins</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.

Top Crypto Analyst Says Bitcoin Dominance Poised to Break Out, Spelling Trouble for Altcoins

CaptainAltcoin

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