In a latest development, cryptocurrency analyst Crypto Rover has issued a bullish message in a recent X post.
The analyst shared to his 1 million followers on X that every time the USDT dominance gets this high during a bull market. He noted that this signals a massive Bitcoin and Altcoin buying opportunity. Notably, he encouraged his followers as he advises to “BUY THE DIP!”
As of writing, the Bitcoin dominance stands at 58.11%, Ethereum Dominance at 12.25% and USDT’s dominance currently stands at 4.31%.
Notably, despite short term bearish signals, the long-term outlook for bitcoin remains bullish from a technical perspective after the post-election breakout in November. Also, a Bitcoin price dip in Q1 2025 could be a good opportunity to buy before its next rise later in the year.
Bitcoin back below $100,000
Bitcoin’s recent price correction was likely caused by concerns over the US Federal Reserve’s tightening monetary policy, which could influence Bitcoin’s price in 2025. The price briefly surpassed the $100,000 mark on January 7 before correcting to $92,500.
Prominent on chain analyst Ali Martinez highlighted that Bitcoin has fallen below a key demand zone at $95,400–$98,400, where 1.77 million addresses acquired over 1.53 million $BTC.
He noted that a surge in selling pressure could trigger a sharp decline pushing Bitcoin below $92,000. He believes that the current market conditions, from a macro perspective, are reigniting fears of a potential Bitcoin crash. He noted that to avoid a bearish outlook, Bitcoin must reclaim $100,000 and aim for new all-time highs.
