The month of April saw bitcoin dominance plummet lower. With BTC basically being flat for the month (down roughly 1K) and alts like ETH, BNB and others pushing higher the drop in dominance was precipitous.
Through the 2017/2018 Pivot Point and Below..
Next Stop All Time Low?
Looking at the chart you can see the line drawn at the 49 area. If you look to the left you will see BTC dominance bounced off that level several times in late 2017 before breaking below right at the end of the year.
After touching the all time low, which was quite the move from the 70s almost straight down to 36 the index bounced back to that 49 area before running out of steam and pushing lower again.
At that point it was halfway through the 2018 bear market and BTC dominance began to climb once again, eventually back to the all time highs.
The kick off of 2021 saw BTC dominance hit its peaks and it has been dropping ever since.
Based on the chart, there is no reason to think we won't see the index hit the 40 area and then potential the all time lows.
Many people think at some point there will be even a further low as alts like ETH catchup in market cap to BTC.
That very well may be the case, however I would be surprised if we didn't see the index get a short-term bounce sometime in the coming weeks as the drop has been aggressive and the 10 day moving average is trailing far behind.
Whether that means BTC will push up for a bit or alts will pullback is anyone's guess, but I personally am rooting for a pump in BTC price as that would bode better for the current bull market continuing for a while.
As I always say, we shall see what happens!