Bitcoin Keeps Rising In 2023 If Its Dominance Level Successfully Retests

Key Points:

• A well-known trader predicts that Bitcoin will continue to rise as long as its dominance level successfully retests a crucial level.
• He mentions the decentralized peer-to-peer network Litecoin is now poised for an upward rise.
• Oracle-provided network Chainlink (LINK) will eventually return to the $20 level.

A well-known cryptocurrency expert believes Bitcoin (BTC) will continue to rise as oracle-provided network Chainlink (LINK), predicting that it will eventually return to the $20 level.

Rekt Capital, a pseudonymous trader on Twitter, predicts that Bitcoin will continue to rise as long as its dominance level successfully retests a crucial level.

According to his statement, a monthly BTC Dominance close above the range of high resistance might set up a retest. If the retest is successful, BTC Dominance will return to the black wedge top for a decision on the macro trend.

However, the analyst warns that the king cryptocurrency might reverse course if it fails to close above its present barrier level.

To ensure a higher chance of breakout, BTC should ideally Monthly Close above the blue ~$23400 resistance Otherwise, BTC could set itself up for a dip inside this ~$20000-$23400 range (blue-blue) to consolidate here for a few weeks

At the time of writing, Bitcoin is trading for $23,267, which is up 1.12% over the last 24 hours.

As for altcoins, Rekt Capital first mentions the decentralized peer-to-peer network Litecoin, claiming that the BTC alternative is now poised for an upward rise.

LTC has broken out from its monthly flag. And with the monthly close just around the corner, it is well-positioned to confirm this breakout.

The researcher also observes discrepancies in trader reactions to the current Litecoin pricing.

It is clear there is a very different reaction to LTC at these prices In the past, LTC would either fail a post-breakout retest from the green area (pre-2018) or fake-breakout (2020) But this time, LTC has broken out from a Bull Flag continuation pattern.

Litecoin is trading at $88.18 at the time of writing, increasing by 1.3% from the previous day.

The analyst then mentions the Oracle-provided network Chainlink (LINK), predicting that it will eventually return to the $20 level.

LINK is following the blue pathway nicely LINK has rebounded +13% from the black $6.27 thus far. Could revisit the black Range High above over time.

At the time of writing, Chainlink is trading at $7.40.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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