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Bitcoin (BTC.D) dominated 64 % this week, its highest level since March 2021, causing a debate about a short and imminent pressure that could send its price towards the sky. The blatant warning from Joe Konsorti, the head of growth on them, who moved to X on Monday to determine what is seen as a decisive turning point for Bitcoin versus the rest of the digital asset market.
A historical break in bitcoin association patterns
He has mailConsurate claims that Bitcoin’s last work is the first time in its 16 -year -old that both price and market domination have risen side by side. Historically, Bitcoin’s dominance will rise at the beginning, just to fade with the speculative spill in Altcoins. However, Consorty says: “This is the first time in the date that Bitcoin’s share of the total digital asset market rises while its price climbs. This causes bitcoin dominance.
According to Consorti, it seems that the days in which a wide altcoin gatherings were followed by following the initial increase of Bitcoin have ended. Bitcoin recently touched 64 %-at the highest level since February 2021. The visible consorte is attributed to a significant change in market participation: “This session, institutions, dictates, and long-term holders lead these fees, and allocate the capital exclusively to bitcoin while he is greatly ignored. The rest of the market.
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The market turmoil last week resulted in what Consorty calls “the largest individual liquidation event in the history of” encryption “, noting that data that more than $ 2.16 billion in positions had been eliminated within 24 hours. ETHEREUM led the liquidation numbers for $ 573 million, and the largest individual liquidation – arrangement of $ 25.6 million ETC – on Binance. “As it might have been guessed, ETH/BTC does not spend a great time,” notes a consorte, noting that the ETH/BTC pair is circulating at 0.026 – the lowest level in more than three years.
He says that these references highlight the unstable nature of Altcoin markets with extreme benefit: “All of this was wiped in a moment when the price moved against them. This was not your standard technical, as it represents the beginning of an event at the level of extinction for Altcoins.”
“Altcoin Casino” in the crisis
The consorte analysis indicates that what the “Altcoin” casino describes is now collapsing. He refers to the failed narration on popular projects – Erteum, Solana and Defi between them – which struggled to maintain the investor’s confidence: “ALTCOINS has survived purely from novels. Each session, a new group of novels, the changing innovation of the world appeared. None of them continued.”
It contradicts this with the proposal of the basic value of Bitcoin, which, in his opinion, does not require any marketing: “Bitcoin, on the other hand, does not need to be narrated. It does not need marketing or noise. It exists, and it flourishes because it was built to do one thing. – Protecting wealth in a world of permanent critical expansion.
Consorty also refers to the “ETHEREUM” and its assumed design, noting that since the upgrade, the total ETH supplies increased by 13516 ETH- which leads to the disruption of the “Sound Money” claim.
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Adding a remote to politics to the transformation of the market, Consurate highlights a statement issued by Senator John Bouzman during the first press conference of the White House work group: “Some digital assets are goods, some of which are securities.”
This, as suggested, is an implicit recognition that bitcoin stands regardless of other digital origins. In another development, Konsori cited a comment from the White House AI & Crypto Czar David Sacks, who stated that the group evaluates the Bitcoin Strategic Reserve- a transformation from previous terms “national digital origins” used in Trump- an executive order.
Consorti frames this as a “major development” indicating the increase in recognition of the unique Bitcoin properties: “This linguistic transformation is tremendous. A few years ago, the United States government was publicly hostile to Bitcoin. Today, they discuss storing it.”
Amid these disorders, Consorty indicates that the next dramatic step in bitcoin can be a short explosive pressure. It indicates that the financing rates on the permanent future contracts were “deeply negative”, reminding us when Bitcoin was trading near $ 23,000 in August 2023. This means a tendency to leverage towards betting on Bitcoin – a position that can rest quickly: Last week, it benefited from the flow that spent most of the long situations, the next main step can be the opposite – an explosive gathering that is fed by the forced liquidation.
In the event of the transmission of the market against these short sellers, forced purchases can pay the price up with the unusual speed and its size-especially if the total liquidity remains thin. He concluded that “the merchants who exceeded their influence to the short bitcoin will ultimately have to buy it when the price moves against them, just as the Longs Overleverage last week was eliminated. Bitcoin is wrapped. The risk of the forced shirt liquidation chain that sends bitcoin to the top with strength.
At the time of the press, BTC.D reached 61.19 %.
Distinctive image created with Dall.e, Chart from TradingView.com
