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Lead JP Morgan analyst Nikolaos Panigirtzoglou has commented on when he expects the prevailing Bitcoin (BTC) bear run to end. In a recent interview with CNBC, the analyst asserted that Bitcoin would reenter a bull market once its market dominance exceeds 50%. Panigirtzoglou noted that:
“A healthy number there, in terms of the share of bitcoin as a percentage of the total cryptocurrency market cap, is 50% or above. I think that’s another indicator to watch here in terms of whether this bear phase is over or not.”
The lead JPM analyst recalled that BTC’s dominance was at 60% at the beginning of April, noting that the benchmark cryptocurrency’s low market dominance is a negative indication it is in a subdued mode. Panigirtzoglou highlighted that this metric has soared over the past few weeks, which is a positive development.
At press time, Bitcoin trades at $35,500 and dominates 45.3% of the total crypto market. While Panigirtzoglou acknowledged that there has not been a lot of whale activities in BTC recently, he argued that:
“The flow into ethereum funds has slowed over the past two to three weeks, at the same time as the flow into bitcoin funds … has improved. That means there is perhaps a relative value opportunity that some institutional investors are seeing to buy bitcoin and sell other cryptocurrencies.”
Key Bitcoin Levels to Watch — July 4
Bitcoin appears to be on a healthy recovery path as the primary cryptocurrency reclaims the $35k barrier. BTC currently shows immense bullish activities despite the subdued trading volume. At press time, BTC volume hangs at a meager 69 points despite the recent sharp spike.
Nonetheless, we expect trading volume to pick up once BTC restores stability above the critical $36.5k – $37k axis. Currently, the benchmark cryptocurrency is locked in battle with the 200 SMA, as bears lose grip.
Meanwhile, our resistance levels are at $36,000, $36,500, and $37,000, and our key support levels are at $35,000, $33,750, and $33,000.
Total Market Capitalization: $1.47 trillion
Bitcoin Market Capitalization: $664.9 billion
Bitcoin Dominance: 45.3%
Market Rank: #1
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