The price of Bitcoin has continued on an upward trajectory trading at $70k price, as it nears a record high of $73k price which it traded in the early period of March.
Currently, crypto markets are abuzz with speculation as a clear ascending triangle formation emerges on the Bitcoin dominance chart. Typically viewed as a bullish indicator, this pattern has ignited discussions among traders regarding the potential implications for Bitcoin’s market share.
After a massive sell-off last week, Bitcoin whales have increased their accumulation pace since Monday. According to the latest weekly report from CoinShares, more than $940 million was withdrawn from crypto investment products last week, led by Bitcoin. However, market data provided by Santiment shows that Bitcoin whales have accumulated more than 100,000 BTCs in the past seven days, around $7 billion.
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Remarkably, Bitcoin’s funding rate ratio spiked to a two-week high, thus signaling an imminent bullish breakout. 10x Research CEO and head analyst Markus Thielen says the current rally is “undoubtedly on par” with the 2020 and 2021 bull market, which initially peaked in April 2021.
Based on historical price changes and Bitcoin’s recent new highs, 10x Research projected that Bitcoin would reach $77,000 by early April and $99,000 by May 2024.
CEO/Founder of Cryptoverse Benjamin Cowen expressed optimism that the price of Bitcoin will go higher in the next months.
Analyzing the Bitcoin chart, he wrote on X,
“BTC risk is now 0.700. You can see how 2013 had a brief summer lull before another mania phase later, whereas 2019 basically just faded for 9 months. I think there is evidence to support both views. I believe the answer to which one ends up happening will be dependent on #BTC ’s reaction after rate cuts arrive in a few months.
“I do not really have a preference at this time for which one will play out, but I do feel confident that no matter what, #BTC dominance will go higher over the next few months. So rather than concern myself with which narrative will win in the end, I will just keep my portfolio #BTC heavy (as it has been for a while). #BTC dominance should go up no matter the direction of BTC/USD.”
Some traders anticipate a surge in Bitcoin’s dominance, predicting that this year Bitcoin is poised to be the biggest in history, others hold contrasting views, suggesting a possible downtrend in the long term.
With the highly anticipated halving event drawing closer, optimism prevails among investors, with predictions abound that Bitcoin may establish a new peak before the historic event.
The Bitcoin halving in April will only be one small part of why the cryptocurrency could see phenomenal gains this year, according to multiple industry analysts.
Investment researcher Lyn Alden thinks the halving is important, but disclosed that it is only one factor out of many that determines the occurrence and timing of a bull market. He attributed that various measures of global liquidity, HODL waves, and other catalysts combine to serve a larger role.
He further hinted that he is bullish for the next two years due to a combination of the halving, expectations for improved global liquidity, and the fact that so many coins have rotated to strong hands in the bear market