Bitcoin has been consolidating below $100,000 since February, with bullish momentum slowing amid shifting market sentiment. However, analysts believe BTC is currently in a re-accumulation phase, a pattern historically observed before major price rallies.
According to technical analyst TradingShot, Bitcoin’s price movements are closely linked to USDT dominance—the share of Tether (USDT) in the overall crypto market cap. Historically, a decline in USDT dominance has coincided with major Bitcoin bull runs, as traders shift funds from stablecoins back into BTC and altcoins.
USDT Dominance as a Key Indicator for Bitcoin’s Price Movement
The USDT dominance metric has aligned with Bitcoin’s accumulation and rally phases in two major cycles since November 2022. These phases include:
- January 2023 – March 2023: A strong Bitcoin rally followed a period of accumulation.
- November 2023 – February 2024: A similar pattern led to another price breakout.
Now, the same accumulation phase is playing out, with USDT dominance pulling back and Bitcoin maintaining strong support levels. Analysts believe this could be a signal that BTC is on the verge of its next major surge.
Bitcoin to $150K? Analyst Predicts Major Breakout
If Bitcoin follows the previous USDT-driven rally cycles, it could break the $100,000 psychological barrier within the next one to two weeks and continue towards a new all-time high of $150,000.
However, Bitcoin must first clear key resistance levels, particularly the $100K milestone, which has proven to be a significant barrier in recent weeks.
Bitcoin Price Update & Market Outlook
As of the latest data, Bitcoin is trading at $97,175, marking a 1.6% gain in the past 24 hours. A breakout to $150,000 would represent a 54% increase from current levels.
With USDT dominance declining and macroeconomic factors aligning, traders and investors are closely watching Bitcoin’s next explosive move.
