Bitcoin's Dominance Hits Resistance: Is The ETH, XRP, DOGE Rally Coming?

Bitcoin BTC/USD may be approaching a critical inflection point that could spark a wave of strength across the altcoin market, according to a prominent cryptocurrency analyst.

What Happened: In a podcast published on May 14, analyst Kevin pointed to the convergence of technical signals and improving macroeconomic trends that support a bullish scenario.

He explained that Bitcoin's resistance at $106,800 (1.272 Fibonacci extension level) now aligns with a notable decline in BTC dominance and falling USDT dominance.

Historically, this combination has preceded major altcoin rallies.

"We're seeing macro clarity," Kevin noted, citing strong labour data, consistent GDP growth and easing inflation.

He believes the recent correction in Bitcoin has likely ended, and a new bullish phase is unfolding.

On the altcoin front, Kevin highlighted the Total3 chart, representing the total crypto market cap excluding BTC and ETH, which recently defended the “golden pocket” Fibonacci zone.

After consolidating through turbulence, altcoins have now broken above the key $871 billion resistance and are forming a bullish inverse head and shoulders pattern.

His earlier forecast around Bitcoin dominance also played out accurately.

Two weeks ago, Kevin called for resistance at the 65.45% level, aligned with the 0.786 macro-Fibonacci level.

Get Started

Trade Bitcoin, Ethereum, and More Instantly — No Wallets, No Hassle

Speculate on price movements, claim up to $200 in bonuses, and start with risk-free paper trading with crypto futures on Plus500.

Get Started

Disclosure: 82% of retail CFD accounts lose money

Since then, dominance has retreated sharply, setting the stage for altcoins to gain traction.

Also Read: Tom Lee Predicts Bitcoin Will Hit $1.5 Million In 10 Years, Calls It A ‘Swiss Army Knife’ Of Money

What's Next: Kevin is cautiously optimistic.

While momentum is building, evidenced by a recent 3-day MACD cross above zero, typically a bullish signal, he emphasizes the importance of a clean breakout above $106,800 before declaring a full green light.

"We're gaining strength at this level, not fading into it like before," he said. If BTC can break out, Kevin sees potential upside toward $116,000 and $122,000.

Turning to Dogecoin DOGE/USD, Kevin sees striking similarities between the current market structure and past super cycles.

He projects possible targets between $1.10 and $1.25, referencing Fibonacci levels that previously marked major tops for the meme coin.

Read Next:

• Bitcoin Eyes $108,000, But One Thing Stands In The Way

Image: Shutterstock