Craig Cobb, a seasoned trader with 19 years of experience and a full-time focus on crypto since 2017, provides a detailed breakdown of the current market trends. Here's what he sees as Bitcoin enters what he believes is the early phase of a bull market.
Market Overview: Bullish Indicators
Craig highlights the confluence of bullish factors driving Bitcoin’s current momentum. The U.S. government appears more neutral, if not supportive, of crypto, and institutional players like MicroStrategy are aggressively acquiring Bitcoin. Key catalysts include the Bitcoin ETFs and, critically, the halving earlier this year, which has reduced new Bitcoin supply, amplifying scarcity.
Bitcoin hit a new all-time high of $94,878, with trends aligning across daily, weekly, and monthly charts. Each timeframe is showing higher highs and higher lows, signaling sustained upward momentum.
Craig’s Take:
The market’s strength is clear across timeframes, and Bitcoin's position as a dominant force is reinforcing this bull run. While pullbacks are inevitable, the current trajectory shows no immediate signs of slowing.
Bitcoin Dominance: A Critical Metric
Bitcoin’s dominance—its share of the total crypto market cap—is currently at 61.09%. Historically, Bitcoin’s dominance tends to rise during the early stages of bull markets, with alts following suit later. In the previous bull run, dominance peaked at 73% before money rotated into altcoins.
Craig notes that dominance does not shift as quickly as Bitcoin's price. A 9% rise to 70% could take weeks or months. He advises traders to watch for dominance levels around 70% as a potential indicator to begin rotating profits into altcoins.
Craig’s Take:
Bitcoin dominance is a reliable metric to time market movements. If dominance nears 70%, it might signal the start of an altseason or a broader market rotation. However, Bitcoin remains the leader, and its continued strength is critical for the entire market's health.
Navigating the Trends: Key Levels
Craig emphasizes the importance of trends for traders. Bitcoin's weekly trend shows sustained upward movement, supported by the broader market's macro and microeconomic conditions. As Bitcoin leads, traders should be mindful of overextension and the potential for localized pullbacks, especially as Bitcoin approaches psychological levels like $100,000.
Craig’s Take:
The technical setup across all timeframes is robust. Traders should focus on mid-term charts (e.g., 4-hour and daily) to identify entry points for trades while keeping an eye on macro dominance trends to time shifts toward altcoins.
What to Watch
Bitcoin Price Levels: New highs and psychological barriers like $100,000.
Bitcoin Dominance: Movement toward 70% could signal a market rotation.
Altcoins: Potential for a rally once dominance stabilizes or reverses.
Craig’s Final Thoughts:
With macro and technical factors aligning, the next few months look promising for Bitcoin. Patience and strategic profit-taking will be key in capitalizing on this bull market.
For more in-depth analysis and video explanations, Craig recommends visiting https://www.thegrowmeco.com for visuals and extended insights.
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