BTC dominance nears 60% — Will November’s rate cuts and election push Bitcoin past $100K?

 As autumn peaks, Bitcoin’s 

market dominance—the percentage of the total crypto market cap it holds—is creating an intriguing scenario. Currently, at around 59.7%, a level last reached in April 2021,

it appears set to cross the 60% threshold.As of Oct. 28, Bitcoin’s price has risen by nearly 2.5% in the past 24 hours, pushing it to around $69,000. Now, it’s inching closer to the $70,000 milestone — a “psychological resistance” level that could shape market sentiment.This rise in Bitcoin’s dominance supports the

idea that we’re in a “Bitcoin Season.” The Altcoin Season Index, which currently sits at a low of 25, shows that only 25% of the top 100 non-stablecoins have outperformed Bitcoin in the last three months. On this scale of 1 to 100, a score of 25 or below signals Bitcoin Season.What’s particularly interesting is that this surge in Bitcoin’s dominance aligns with some major upcoming events. First, the U.S. presidential election on Nov. 5 could be monumental for crypto.

Furthermore, just two days after the election, the Federal Reserve will meet for its next policy review on Nov. 7. Speculators using the CME FedWatch Tool are almost certain of a 25 basis point rate cut, with a

97% probability.

With Bitcoin’s dominance pushing toward 60% and these key catalysts on the horizon, let’s explore the market’s current pulse and what experts forecast for Bitcoin and the broader crypto ecosystem.