• Bitcoin (BTC) market cap dominance is nearing 46%, its highest in nine months.
• Analysts are predicting a trend shift in Bitcoin price action due to the surge above $26,000.
• Trading firm DecenTrader described the “narrative” around Bitcoin as “turning bullish” in a fresh market update on March 16.
Bitcoin Dominance Nears 50%
The current bank-crisis-inspired Bitcoin price surge has pushed Bitcoin’s market cap dominance up to near 46%, its highest level since June 2022. This spike in dominance may suggest a significant trend shift for BTC price action.
Analysis of Market Shift
Markets commentators have noted that every bull market for Bitcoin has begun with an increase in dominant, while bear markets have followed similar patterns. Analysts have used Wyckoff schematics to demonstrate the current surge in dominance after months of accumulation. Optimistic investors believe that this indicates a return to bullishness for the crypto asset as it matures and builds upon Satoshi’s foundation for an open standard for all – the internet of money.
Bullish Narrative Flip
Recent events further buoying Bitcoin bulls after an already impressive start to the year, overall opinions on future performance are gradually flipping positive after a grim bear market. Trading firm DecenTrader even went so far as to describe the narrative around Bitcoin as turning bullish following recent developments and near-term price increases.
Smart Contracts and Privacy
Many investors see this move towards positivity as being enabled by smart contracts, privacy features, fast transactions and issued assets which are being built upon Satoshi’s original vision of blockchain technology and cryptocurrency innovation – creating an open platform for all users across the globe regardless of their financial background or geographical location.
Long Cold Winter For Crypto Coming To An End?
It remains to be seen if this recent surge is enough to break out of the long cold winter experienced by cryptos over the past few months – but with optimism increasing among analysts and investors alike it appears that there might just be some light at the end of this long crypto tunnel!