Tether Dominance (USDT.D) is testing the same levels seen in 2021/2022, when it topped in wave 5 while Bitcoin was completing its bearish cycle on a weekly basis. If history repeats, an ABC corrective structure could still be developing, with wave C potentially still missing.

On the 4-hour chart, USDT.D has already completed a five-wave decline followed by an ABC corrective recovery, which could now lead to another move lower. Such a decline in Tether dominance could provide room for further recovery in Bitcoin and selected cryptocurrencies in the near term.