Cryptocurrency analysts have used Multiple on-chain metrics and the indicators to analyze whether or not bitcoin's top is already in this bull run. This time, cryptocurrency analyst Thomas has alluded to USDT dominance to determine crypto-expert-bitcoin-bottom/” rel=”nofollow noopener” target=”_blank”>The bitcoin market cap.
How USDT Dominance Predicts bitcoin's All-Time High
Thomas stated on an x (formerly twitter) x.com/crypto_TomTom/status/1809096098809794792″ rel=”nofollow” target=”_blank”>mail that USDT Dominance He has predicted every local peak for bitcoin over the past six years. He noted that there has always been a clear local peak for bitcoin whenever USDT dominance touches the bottom of a trend linewhich the analyst highlighted on the chart. Thomas added that anyone using this metric would have sold at the top every time in previous cycles.
The cryptocurrency analyst said it makes sense that bitcoin-to-reach-80000/” rel=”nofollow noopener” target=”_blank”>USDT Dominance It can be used to predict bitcoin’s top as the trend of USDT-D over a longer time frame should be positive as coin distribution happens over time. He added that USDT-D is significant as the market is governed by swaps in and out of stablecoins.
Meanwhile, Thomas mentioned that USDT dominance can also be applied in reverse and used to predict the Local Fund for bitcoinHe noted that it was also used to predict every local low of previous bear markets. The analyst admitted that USDT.D does not necessarily give an accurate estimate of the low, although he added that it “gives a good rough estimate.”
The local elite may already be betting on bitcoin
According to the chart Thomas shared, bitcoin's local top may have already been reached as USDT.D has once again touched the trendline the analyst was referring to. When asked by one of his followers if that was the case and if bitcoin was heading for new lows, Thomas x.com/crypto_TomTom/status/1809098596308168782″ rel=”nofollow” target=”_blank”>answered That wasn't necessarily what was going to happen, as the market may rally again and touch the lower end of the USDT.D chart, just as it did in the Last bullfight.
The analyst is optimistic that this will happen, since x.com/crypto_TomTom/status/1809169001282740306″ rel=”nofollow” target=”_blank”>saying who believes the market will retest the support line “a few times in the coming months.” This would ultimately mean that bitcoin has more room to run in this market cycle before reaching its bullish peak. Other cryptocurrency analysts, such as Capital RektThey have already stated that the peak of the cycle has not yet arrived and that historical trends suggest the market peak will arrive sometime next year.
Meanwhile, Thomas revealed that he will use the USDT.D trend line to guide his long-term trades on ethereum/ethereum–crypto-analyst-1900/#:~:text=If%20that%20happens%2C%20Ethereum%20could,its%20current%20price%20of%20%241%2C600.” rel=”nofollow noopener” target=”_blank”>bitcoin and ethereumPlan to buy whenever USDT dominance is at the top of the trend line and sell when it reaches the bottom.
At the time of writing, bitcoin is trading around $56,400, up more than 4% in the past 24 hours, according to bitcoin/” rel=”nofollow noopener” target=”_blank”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
