Bitcoin dominance (BTC.D) has confirmed a bearish breakout from a rising wedge pattern on the weekly chart, signaling a potential market shift in favor of altcoins. Renowned analyst Captain Faibik highlighted these trends on the X platform, providing detailed insights into the technical patterns and their broader market implications.

Captain Faibik's analysis focused on the rising wedge formation in the BTC.D chart, characterized by converging upward sloping trend lines. Typically a bearish signal, this pattern suggests weakening upward momentum. Recently, BTC.D broke below the lower trendline, confirming a bearish breakout. Faibik projects BTC dominance could drop to around 45%, signaling a potential reversal of the uptrend seen since early 2021.

A decline in BTC dominance is often viewed as bullish for altcoins, suggesting they may capture a larger share of the cryptocurrency market cap. With BTC.D potentially dropping to 42%, investors might start reallocating portfolios towards altcoins in anticipation of their outperformance.

Despite the bearish outlook for BTC dominance, Captain Faibik remains optimistic about Bitcoin’s long-term potential. He noted an ascending triangle pattern on Bitcoin’s monthly chart, typically a bullish signal. Following a recent upside breakout and retest, Faibik projects a long-term target of $170,000 for Bitcoin, highlighting his confidence in its future performance. This bullish projection contrasts with the short-term bearish signal for BTC dominance, illustrating the complex nature of crypto market dynamics.

Currently, Bitcoin is trading at $67,870.44, with a 24-hour trading volume of $28.1 billion. The price has declined 1.23% over the past 24 hours and 4.22% over the past week. Bitcoin’s market cap stands at $1.34 trillion, with a circulating supply of 20 million BTC.