Several crypto traders are suggesting that a clear ascending triangle on the Bitcoin dominance chart could indicate a potential surge in Bitcoin’s market share. However, there are those who believe the opposite is true.
Benjamin Cowen, a crypto trader and founder of Into The Cryptoverse, informed his 810,700 followers on March 27 that the “BTC dominance train is about to leave the station.” Cowen claims 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 similar sentiments with his 194,800 followers, stating that Bitcoin’s dominance is on the rise. Beanie suggests that Bitcoin’s dominance usually increases during bear markets as investors turn to it as a safe haven due to its stability compared to riskier digital assets.
Despite Bitcoin reaching an all-time high this month, Beanie points out that the current trend resembles the bear market of 2018 rather than the bull market of 2021. In 2017, Bitcoin held an 85% market dominance, but it dropped to an all-time low of 32.45% by January 2018. Currently, Bitcoin dominance stands at 50.1%, according to CoinStats data.
However, not all traders share the same sentiment. Some believe that Bitcoin’s market share is actually decreasing in the long term. Zero Ika, a crypto trader, informed his 43,500 followers that Bitcoin’s dominance is in a “long-term downtrend.”
It is clear that there are differing opinions among crypto traders regarding the future of Bitcoin’s market share. Only time will tell which perspective proves to be accurate.