Top Crypto Analyst Says 2019 Bitcoin Mirroring Pattern That Preceded Massive 240% Rally Here Are Its Targets

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A popular crypto strategist says the current Bitcoin (BTC) rally reflects a pattern that predated the crypto king’s massive blowout in 2019.

Pseudonymous analyst Smart Contracter tells his 218,100 Twitter followers that Bitcoin is likely to top crypto markets in a repeat performance of its 2019 burst.

BTC finally broke its horizontal highs of $18,400. BTC dominance is underway and most conditioned to be entirely in the alts. [Definitely] starting to look more and more like a moment in April 2019 every day.

Source: Smart Contracter/Twitter

BTC opened in April 2019 at $4,102 and closed in June 2019 after hitting a high of $13,970, a gain of 240%.

Smart Contractor’s charts also include the Bitcoin Dominance Index (BTC.D). The BTC.D chart tracks the share of the total crypto market capitalization owned by Bitcoin. A bullish BTC dominance suggests that Bitcoin is rising faster than other crypto assets, or that altcoins are losing value as major crypto peaks rise.

In a video update from the strategy session, the analyst says that for now, traders need to keep a close eye on Bitcoin.

I believe Bitcoin will outperform the alts… Bitcoin dominance seems to have a nice bounce here. I think this is a pretty big move on bitcoin dominance. It is obviously still in an uptrend. So I think Bitcoin dominance will outperform. Now that we have confirmation, in my opinion, that Bitcoin will go up, I think it’s going to be time to focus on Bitcoin and not alts.

At the time of writing, Bitcoin is valued at $20,956, up over 11% in the past 24 hours.

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