The Bull Market Hasn’t Started, yet.
- In this chart, I compared the Bitcoin price to USDT Dominance.
- There is an inverse correlation between the Bitcoin price and USDT.D. Meaning that as the Bitcoin price goes up, USDT.D goes down.
- During the 2022 bear market, the bitcoin price was in a downtrend while USDT.D was rising in an Ascending Broadening Wedge.
- An Ascending Broadening Wedge is a bearish reversal pattern. The breakdown target of this pattern is 4%, minimum.
- The implications for the Bitcoin price are a bit speculative but, considering the inverse correlation, I expect Bitcoin to make it to 45K in 2023.
- We are in the pre-bull phase. The best is yet to come.
- Please read my analysis of the TOTAL 3 chart and of the BTC.D charts for more context.
What do you think? Please share in the comments.
Best Wishes
