Shiba

Bitcoin

Million

Zero

Several crypto traders have observed a promising pattern on the Bitcoin dominance chart, hinting at a possible increase in Bitcoin’s share of the crypto market.
This pattern, known as an ascending triangle, suggests that Bitcoin’s market dominance might be on the rise.
This technical analysis tool is identified by a chart pattern where the price moves within a confined area, marked by a rising trendline support and a flat resistance line, indicating potential upward momentum in Bitcoin’s market share.
<a href="https://www.binance.com/en/feed/post/1373328" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Benjamin Cowen</a>, a notable figure in the crypto community and the founder of Into The Cryptoverse, expressed his optimism regarding Bitcoin’s dominance, telling his substantial audience of over 810,000 on X on March 27, “The BTC dominance train is about to leave the station.”
This sentiment is echoed by other traders who see the pattern as a bullish sign for Bitcoin.
Another prominent voice in the crypto space, a trader known as Beanie, shared with his nearly 195,000 followers on X that Bitcoin’s dominance is “coming back in a big way.”
READ MORE: <a href="https://www.cryptointelligence.co.uk/shiba-inus-price-surges-7-amid-bullish-market-recovery-dogecoin20-set-for-explosive-launch-following-10-million-presale/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba Inu’s Price Surges 7% Amid Bullish Market Recovery, Dogecoin20 Set for Explosive Launch Following $10 Million Presale</a>
Beanie pointed out that in bear markets, Bitcoin often becomes a refuge for investors, attributing to its perceived stability compared to other, more speculative assets.
This shift towards Bitcoin in uncertain times is not unprecedented, as Beanie compared the current market conditions to the bear market of 2018, contrasting it with the bull market of 2021 where Bitcoin’s dominance saw a significant decline from 70% to 40%.
The landscape of Bitcoin’s market dominance has seen dramatic shifts over the years, from a commanding 85% in March 2017 to a record low of 32.45% by January 2018. As of the latest data from CoinStats, Bitcoin’s dominance stands at 50.1%.
However, not all traders are convinced of this bullish outlook.
Some, like Zero Ika, who has a following of 43,500 on X, argue that Bitcoin’s dominance is on a “long-term downtrend” from a macro perspective, suggesting a more cautious view of Bitcoin’s market share moving forward.
This divergence of opinions highlights the speculative nature of the crypto market and the varying interpretations of market data among investors.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

Bitcoin’s Market Dominance Poised for Growth, Predict Crypto Traders Amidst Ascending Triangle Pattern

Crypto Intelligence

Other articles published on Mar 29, 2024

Whale Investors Shift Over $618 Million in Crypto, Signaling Major Market Moves

Dogecoin (DOGE) Price Surge Triggers New Macro Uptrend, 50% Rally Expected

Ethereum Blockchain Reached One Million Validators

Shiba Inu Sees Surge In Whale Activity Amid Coinbase Outflows, Could This AI Coin Outrank Render?

New Development in the Fate of Kucoin: A Member of the CFTC Speaks Out

Battle For Top Meme: Pepecoin (PEPE), Bonk (BONK) and Shiba Budz (BUDZ) Increase Exposure For Upc...

Join our free newsletter for daily crypto updates!