Bitcoin’s dominance in the cryptocurrency market is showing signs of a potential surge, indicated by a clear ascending triangle pattern on the Bitcoin dominance chart, according to several crypto traders. However, there are differing opinions on whether this trend will continue.
Benjamin Cowen, a crypto trader and founder of Into The Cryptoverse, expressed his belief that the BTC dominance is about to increase. He stated this to his large following on March 27, emphasizing that Bitcoin’s market cap dominance has been following an ascending triangle pattern since September. This pattern occurs when the price consolidates between an upward trendline support and a horizontal resistance trendline.
Another crypto trader, known as “Beanie,” shared a similar sentiment, stating that Bitcoin’s dominance is expected to grow significantly. Beanie explained that this trend is common during bear markets, as investors in the crypto industry turn to Bitcoin as a safe haven due to its stability compared to riskier digital assets. Despite Bitcoin reaching an all-time high this month, Beanie pointed out that the current trend resembles the bear market of 2018 rather than the bull market of 2021.
In 2017, Bitcoin held 85% market dominance, but by January 2018, it dropped to an all-time low of 32.45%. Currently, Bitcoin’s dominance stands at 50.1%, according to CoinStats data.
However, not all traders agree with this optimistic outlook. Some argue that Bitcoin’s market share is actually decreasing in the long term. One such trader, Zero Ika, expressed the belief that Bitcoin’s dominance is in a long-term downtrend. This perspective takes a macro view of the market.
In conclusion, while some crypto traders anticipate a surge in Bitcoin’s dominance based on the ascending triangle pattern, others believe that Bitcoin’s market share will continue to decline in the long term. The future trajectory of Bitcoin’s dominance remains uncertain, and opinions differ among traders.