Bitcoin price has it has now crossed the $68,000 mark sign among series a Price boost by 12%. in the last seven days. However, the analysis talks about the price of Bitcoin it will not stop this growth at any time Soon. According to a detailed analysis published on TradingView, a renowned cryptocurrency analyst shared insights suggesting that Bitcoin is on track to climb even higher to reach the ambitious $95,000 target, but USDT.D needs to break below the lower boundary of the First Triangle.

An compelling take on the Bitcoin price forecast

The analyst in question, known as TheSignalyst, takes an unconventional approach to analyzing Bitcoin’s price movement, relying on a lesser-known but intriguing indicator.

According to to TheSignalystThe USDT.D chart, which tracks the dominance of the stablecoin Tether (USDT) in the cryptocurrency market, effectively tracks the overall sentiment in the cryptocurrency market. While this indicator is not widely used by mainstream analysts, it has proven useful in predicting market peaks, troughs, and future price action.

As can be seen from the USDT.D chart, since the first days of August, USDT’s dominance follows a descending triangle pattern. Since this period, USDT’s dominance has ranged from 6.5% to 5.34% of the total cryptocurrency market capitalization up to the time of writing. As the analyst noted, as long as USDT’s dominance remains within the descending triangle, Bitcoin’s price will likely continue to consolidate within a certain range.

However, TheSignalyst adds that for Bitcoin to truly enter the upward trend, USDT’s dominance must be broken. Specifically, it would need to fall below the lower end of the descending triangle and fall below 5.2% of the total cryptocurrency market capitalization.

What does this mean for the BTC price?

As the largest stablecoin, USDT’s dominance can reveal a lot about the prevailing sentiment among cryptocurrency traders. High periods of USDT dominance suggest that investors are withdrawing from riskier assets and investing their funds in stablecoins, while a decline in USDT dominance suggests an inflow to cryptocurrencies.

In TheSignalyst’s analysis, USDT dominance, a break below 5.2% would signal reduced dependence on the stablecoin and a renewed appetite for riskier assets, paving the way for Bitcoin to pursue a more aggressive growth trajectory.

According to the analyst, if this scenario comes true, Bitcoin’s price could cross the $70,300 mark in a weekly time horizon. This level is just above the descending trend line that has been holding back Bitcoin’s momentum since April, and a successful breakout could confirm the beginning of a much larger boost.

In the event of such a breakout, the analyst suggests powerful price boost towards the level of $100,000. At the time of writing, Bitcoin is trading at $68,100 and is about 47% away from that six-figure target.

Featured image created with Dall.E, chart from Tradingview.com