Bitcoin Dubious Speculation

Market Analysis & Predictions - Bitcoin experienced a rejection around $124,000 after reaching new all-time highs [2] - The analysis suggests a potential drop to the 20-week Simple Moving Average (SMA) in September, a pattern observed in previous post-halving years [4][9] - A comparison to 2020 indicates a similar pattern where Bitcoin didn't immediately tag the 20-week SMA, suggesting a possible sideways movement before a September drop [6][7][8] - A mid-August wick high in 2020 was around $12,479, which is approximately 10% of the recent high of $124,000 to $125,000, highlighting a potential similarity in market behavior [10] - The market may experience a couple more downward wicks, followed by a potential upward wick towards the $120,000s before the anticipated September drop [13] Ethereum's Role & Altcoin Dynamics - Ethereum is expected to rally to new all-time highs, potentially drawing liquidity from the altcoin market [14] - Altcoins are currently underperforming against Ethereum, indicating a shift in liquidity [14] - Following Ethereum's potential all-time high, a market correction is anticipated, leading to a drop to the 20-week moving average [17][18] - The market is expected to rotate away from Ethereum and altcoins back to Bitcoin in September [19] - Altseason is unlikely to occur before Ethereum makes durable all-time highs, and the first attempt may face rejection [20] Bitcoin Dominance - Bitcoin dominance is expected to increase when Bitcoin drops to the 20-week moving average [18] - Ethereum's potential new all-time high is currently preventing Bitcoin dominance from rising significantly [19]