The Bitcoin price has seen a boost, climbing over $68,000 after a 12% increase in a week. An analysis on TradingView by a crypto analyst, TheSignalyst, suggests Bitcoin could reach $95,000 if certain conditions are met.
TheSignalyst uses an unconventional method by focusing on the USDT.D chart, which shows Tether's dominance in the market. This chart reflects market sentiment and has tracked market tops and bottoms effectively.
The chart signifies a descending triangle pattern in USDT dominance, ranging between 6.5% and 5.34% of the crypto market cap. For Bitcoin to enter a bullish phase, USDT dominance must fall below 5.2%.
A drop below 5.2% indicates a renewed interest in riskier crypto assets, potentially allowing Bitcoin to break past $70,300 and even target $95,000.
The Bitcoin price currently stands at $68,100, requiring a 47% increase to hit the ambitious target set by TheSignalyst.
