As Bitcoin struggles to overcome the weekly range resistance, trading at $44,217 at the time of the article, the crypto market is witnessing a battle for dominance between Bitcoin and altcoins. Analysts and market data are closely monitoring Bitcoin’s performance for potential upward momentum.
After a drop to the $40,000 level earlier in the week, Bitcoin made a comeback that prompted traders to reconsider the likelihood of a further decline. Credible Crypto, a well-known investor, commented that Ethereum‘s potential local bottom could signal a stronger chance for Bitcoin’s momentum to continue upward.
Analyst Matthew Hyland shared his prediction that Bitcoin could reach new highs above $46,000 by the end of 2023 if the current double bottom pattern breakout is confirmed. He also noted that Bitcoin would need to break through the highest levels of resistance seen since the beginning of the month.
Other investors, like Jelle, agreed that Bitcoin seemed eager to break out, interpreting the retest of support as a shallow pullback. Meanwhile, Bitcoin has managed to reclaim some of its lost market share, with dominance increasing by 0.8% to 53.8% compared to the start of the week.
The ongoing discussions around the United States’ first Bitcoin spot price exchange-traded fund (ETF) continue to influence market sentiment. Prominent investor Fred Krueger kept hopes alive by trying to outline the silent market precondition for the ETF process to be implemented, referencing a comment by MicroStrategy CEO Michael Saylor on the importance of not disrupting the potential launch of a significant financial market product.