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Michaël van de Poppe, one of the most well-known analysts in the cryptocurrency world, explained in his statement the effect of the recently rising Bitcoin price on $BTC dominance and his predictions about dominance.
According to the analyst, in previous four-year cycles, Bitcoin's dominance reached a peak before each halving. Van de Poppe argues that since $BTC Spot ETFs are on the verge of approval, dominance has made its last upward move and will then enter a correction period.
The analyst suggests that the peak in $BTC dominance is currently occurring and this will have a positive impact on altcoins.
In addition, Arbitrum ($ARB), which has experienced an impressive rally of 35% in the last week, was also evaluated by the analyst. According to the analyst, there is currently a clear uptrend in the $ARB price, and with the retest of previous resistances, they appear to be turning into support.
According to the analyst, if this pattern continues, the $2 level may be exceeded after the region between $1.50 and $1.60 is retested. $ARB price is trading at $1.75 at the time of writing this article. The all-time high in the $ARB price, excluding the initial issue price, was recorded at $1.78 in April last year.
*This is not investment advice.
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newsbtc.com