Home > RESEARCH > Bitcoin dominance nears 50% as research hails ‘bullish’ narrative flip

Bitcoin dominance nears 50% as research hails ‘bullish’ narrative flip

The comedown of the past nine months has disappeared during this week’s bank-crisis-inspired Bitcoin price surge.

BTC accounts for a higher proportion of all digital currencies than at any time since June 2022.

In a new chain reaction when the price of bitcoin soared above $26000 this week, TradingView statistics show that the total market capitalization of bitcoin is close to 46%, the highest in nine months.

A new initiative "peak" implies that a change in development trend is coming.

Bitcoin's dominance has risen nearly 3% since last week alone, a larger encrypted asset reminiscent of a classic bull market.

Tedtalksmacro, a current affairs commentator on the sales market, stressed on March 15: "every Bitcoin bull market begins with a surge in Bitcoin dominance (just like every stock market bear market)."

The chart shows that the "surge" of such dominance usually lies in important trends in the bitcoin market.

"Big bull market or echo styrofoam?" Tedtalksmacro asked.

In addition, investment analyst Hamzeh used Weikov circuit schematic diagram to reveal that after months of "accumulation" period, the dominant position has also seen an equally extensive "surge".

"Bitcoin's dominance is expected to return soon," Tuur Demeester, an optimistic Bitcoin investor and scientific research investment analyst, added earlier this week.

Smart contracts, personal privacy, fast buying and selling, sold property: after 14 years of improvement, they are all built on the premise of Chinese stone granite. Bitcoin is an open specification for everyone-loan coin Internet technology.

The narrative of Bitcoin has changed from bullish to rising

After the impressive start of the year, recent events have further boosted the Bitcoin duo, and after a complex bear market in the stock market, the overall view of the main performance in the future is gradually becoming proactive.

The change in opinion includes a change in online trading platform DecenTrader, which released its latest market data on March 16, describing the "narrative" around Bitcoin as "rising".

It's been a long, cold winter for Bitcoin and data encryption. However, recent events have helped fuel the recent surge in share prices, and crucially, the market narrative has shifted from bullish to rising, "concluded miffy, a soft writer."

In particular, what is interesting is $21800, and if there is an adjustment, the DecenTrader plan will take $30000 as the implicit overall target for the rise.

"A short-term empty sheet is squeezed and molded, and if you do long, you will be punished. At this stage, the price is limited to 200WMA." If the price of gold really needs to fall to form sufficient mechanical energy before it can rise to $30, 000 next, then the one-dimensional support point of $21800 is a set goal. But for now, the 4H support line remains at $23900.

"but, crucially, we can see a huge shift in Bitcoin's narrative, significantly away from traditional channels, which are once again dying because of money problems and bank failures. If the price of Bitcoin rises further and the traditional financial system collapses again, its usage becomes clearer and clearer, and people are likely to see a return of public enthusiasm for Bitcoin.

According to Cointelegraph Markets Pro and TradingView, at the time of writing, Bitcoin was trading at about $24900 against the dollar.

by William Suberg
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.



Tue, 18 Apr 2023