With all the talk about the Halving coming up, it may actually be altcoins that are set to outperform...
Bitcoin has been stealing most of the press these days, well apart from some of the other altcoin drama that I won't get into here.
But, apart from that, everyone is focused on bitcoin.
The halving is now roughly 1 month away and just about everyone is expecting bullish price action either running up into, or a couple months post halving.
Either way, the majority of people are expecting to see some bitcoin fireworks.
However, one indicator is signaling that may not be the case...
If you we look at the bitcoin dominance chart, we can see that the uptrend line is now broken...
Check it out:
(Source:
)https://twitter.com/TheCryptoLark/status/1247629243334291457
- TheCryptoLark
What does this mean exactly?
This is not a good sign for bitcoin outperforming in the medium term.
This doesn't necessarily mean bitcoin is going to do poorly or that altcoins are going to do well, but it does likely mean that bitcoin is going to under-perform in the medium term.
Often when there is a chart setup like this one, there is a slight bounce back, a throwback to that uptrend line, but then there is often a resumption of the prevailing downtrend.
If that is indeed the case, it could be very good news for altcoins like HIVE.
HIVE hasn't really been around long, but it may be on enough exchanges already to where it might be included in an altseason.
Usually during an altseason, just about all major altcoins within the top 100-200 go up a decent amount.
Personal Expectations:
I could see a slight bounce upwards from here on the bitcoin dominance index back to that trendline, but then I expect it to trend back downwards, possibly breaking the lows seen on the far left of the above chart.
Which would hopefully mean our favorite altcoin is doing very well.
Stay informed my friends.
-Doc