At the beginning of 2023, the market participants believed that the crypto space may respond positively after being extremely bearish throughout the year 2022. However, the events that dragged the value of most of the cryptos lower may have a deep impact in 2023 too. Despite multiple bearish occurrences, the dominance of Bitcoin sustained close to 40%. Hence appears to be preparing for a large move in the coming days.
A bearish confirmation for USDT is about to flash that may also squeeze out the Tether dominance within the markets. Moreover, the pace of the expected plunge is believed to be pretty lower that may compel traders to shift their trade to Bitcoin and other altcoins very soon. Therefore, the BTC price along with popular altcoins is believed to grow for a while ahead.
If the USDT drops the ascending pattern and drops, then Bitcoin and altcoins are believed to grow together In fact, BTC price may steal the show with a gigantic rise and the altcoins are believed to enter the correction phase. Once altcoins have been accomplished with the correction phase, it will be when the BTC rally may begin.
Bitcoin & altcoins are speculated to print higher highs and lows, maintaining a significant uptrend as the money flow may be from Bitcoin to other altcoins.
This may attract players into the game as the market may be again under a euphoric run. However, the run is believed to be a short-lived one as the bearish wave is believed to outpower the bulls very soon. Therefore, after undergoing a bullish quarter though, Q1 2023, the following quarter could be largely bearish. However, the Bitcoin price is believed to mark new lows before igniting a giant bull run.