According to prominent crypto analyst KyleDoops, the cryptocurrency market is experiencing a fascinating mix of trends and behaviors. In his recent video on Crypto Banter, Kyle meticulously dissected various aspects of the market, from Bitcoin dominance to market cap, offering crucial insights and predictions for investors and enthusiasts.
Bitcoin Dominance and Market Liquidity
In the wake of Bitcoin’s dominance slipping below the range highs of 48.44%, Kyle believes it’s premature to predict a major breakdown. The dominance dip signifies a return within a familiar range, sparking a minor rally for altcoins. He considers the pullback minor and anticipatory of a potential consolidated phase.
However, the People’s Bank of China’s liquidity chart, according to Kyle, paints a grim picture. The liquidity drop-off, the expert suggests, could drive the Chinese government to inject stimulus or initiate stock buybacks. If realized, such actions could inadvertently boost the crypto market, with Bitcoin standing as a potential beneficiary.
Total Market Cap: An Indicative View
Total market capitalization, which nearly hit major support levels, could still experience a downward draw. Interestingly, the ‘Total Two’ trend line, a projection of market cap excluding Bitcoin, mirrored market trends accurately. Kyle asserts that a rally could be on the horizon, particularly if the ‘Total Three’ (representing the majority of altcoins) mimics this behavior, bouncing off its mid-range of $347 billion.
Also Read: Bitcoin (BTC) Predicted to Rally as Top Crypto Analysts Set Bullish Targets – Coinpedia Fintech News
Bitcoin and Ethereum
Turning his attention to Bitcoin and Ethereum, Kyle focused on pivot levels, price points that signify a shift in market direction. For Bitcoin, the current pivot level stands at $27,249, a level he insists must be cleared to reverse the bearish RSI trend. However, with Bitcoin and Ethereum both contending with the 9 and 21 EMA, they remain within a choppy trading zone — a ‘no man’s land’ of uncertainty, he called it.