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Cryptographic analyst Master Kenobi has provided an extensive analysis, looking at Bitcoin price dominance and altcoin season. In his analysis, Master Kenobi also revealed what this sudden volatility means for the market.
Where Bitcoin price dominance is headed
in a x publicationMaster Kenobi stated that Bitcoin price dominance was supposed to have started to fall yesterday. However, the decline began 20 days earlier than expected. The crypto analyst added that. Having recorded three consecutive red weeks, Bitcoin domain has entered a phase of volatility that could last for some time.
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The analyst’s attached chart showed that the price of Bitcoin domain experienced this phase of volatility for 136 days. If history were to repeat itself, this volatility would not end until April 6 of next year. Master Kenobi opined that the market is currently in the first and probably most critical stage of capital rotation from Bitcoin gains.
Once the market overcomes this period of capital turnover, Master Kenobi predicts that a massive drop in dominance will occur, which, on the other hand, can be interpreted as the beginning of the altcoin season. Master Kenobi stated that even if the bull market extends beyond April 6, this period will likely be the most prolific for most altcoins.
Master Kenobi noted that the bottom of Bitcoin’s price dominance on May 14, 2021 coincided with the cryptocurrency market’s first peak during the 2021 bull run. The analyst expects a similar pattern to develop this time. Meanwhile, the analyst indicated that the bottom of the dominance could occur in early March instead of April 6.
From the perspective of the Bitcoin halving
Master Kenobi also used the Halving Bitcoin date as a benchmark to demonstrate that Bitcoin price dominance could move along with these timelines. He noted that in the previous cycle, there was a short gap (four days) between the first anniversary of the Bitcoin halving on May 11 and the first major dominance bottom on May 15.
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In line with this, the analyst commented that the timeline for the lowest point in Bitcoin price dominance (which would also mark the peak for the cryptocurrency market) may extend beyond April 20 to April 23, 2025. Master Kenobi cautioned that the exact date for The Market Peak cannot be pinpointed at this time.
However, as time passes, he believes that there is a possibility of being able to specify more precisely the date on which the first phase of the bull market will end.
At the time of writing, Bitcoin price is trading at $100,300, a drop in the last 24 hours, while its dominance is 55.13%, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
