Bitcoin ($BTC) is indicating notable signs of an impending downturn in its dominance. Particularly, Bitcoin ($BTC) could experience a drop in the near term even if it provisionally surges above 60%. As per the crypto analyst Michaël van de Poppe, the overall trajectory of the leading cryptocurrency highlights a weakening position in the market. Hence, the respective sentiment suggests the possibility of a further downside.
Bitcoin Dominance Hovers Around 58% in Anticipation of Likely Correction
In line with the latest market data, Bitcoin’s ($BTC) current market standing underscores a likely decline in its dominance. In this respect, it is anticipated to go through notable corrections even after a considerable spike in the short term. At the moment, the market dominance of the top crypto asset is hovering around 58.65%. Additionally, as of September 6, Bitcoin has seen a modest spike of 0.96% over the past seven days.
Simultaneously, the ongoing bearish trend increases the potential of a drop in this in the near future. A key factor behind this sentiment is the heightened speculation about the approaching altcoin season.
Analyst Predicts Continuous Decline Even After Potential Surge to 60-61% Range
According to Michaël van de Poppe, the historical data regarding Bitcoin’s dominance clarifies that it is likely moving toward a noteworthy plunge. While discussing this, the popular crypto analyst has asserted that, despite the possibility of a retest of 60-61% range, Bitcoin ($BTC) is anticipated to continue its downturn. Nevertheless, the actual extent of this decline remains to be seen in the days to come.
