{"id":564565,"date":"2023-03-16T19:24:19","date_gmt":"2023-03-16T16:24:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-dominance-nears-50-as-research-hails-bullish-narrative-flip\/"},"modified":"2023-03-16T19:24:19","modified_gmt":"2023-03-16T16:24:19","slug":"bitcoin-dominance-nears-50-as-research-hails-bullish-narrative-flip","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-dominance-nears-50-as-research-hails-bullish-narrative-flip\/","title":{"rendered":"# Bitcoin dominance nears 50% as research hails &#8216;bullish&#8217; narrative flip"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3e597dc5b93\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3e597dc5b93\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-dominance-nears-50-as-research-hails-bullish-narrative-flip\/#%E2%80%9D_Bitcoin_dominance_nears_50_as_research_hails_%E2%80%98bullish_narrative_flip_%E2%80%9C\" >&#8221; Bitcoin dominance nears 50% as research hails &#8216;bullish&#8217; narrative flip &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-dominance-nears-50-as-research-hails-bullish-narrative-flip\/#New_dominance_%E2%80%9Cspike%E2%80%9D_hints_at_trend_change_to_come\" >New dominance &#8220;spike&#8221; hints at trend change to come<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-dominance-nears-50-as-research-hails-bullish-narrative-flip\/#Bitcoin_narrative_goes_%E2%80%9Cfrom_bearish_to_bullish%E2%80%9D\" >Bitcoin narrative goes &#8220;from bearish to bullish&#8221;<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_dominance_nears_50_as_research_hails_%E2%80%98bullish_narrative_flip_%E2%80%9C\"><\/span>&#8221; Bitcoin dominance nears 50% as research hails &#8216;bullish&#8217; narrative flip &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>Bitcoin (BTC) accounts for more of the total value of cryptocurrency than at any time since June 2022.<\/p>\n<p>The latest data from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/chart\/Aiej0hLA\/?symbol=CRYPTOCAP%3ABTC.D\">TradingView<\/a> shows that Bitcoin market cap dominance is nearing 46% \u2014 its highest in nine months.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"New_dominance_%E2%80%9Cspike%E2%80%9D_hints_at_trend_change_to_come\"><\/span>New dominance &#8220;spike&#8221; hints at trend change to come<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The latest knock-on effect from this week\u2019s surge above $26,000, Bitcoin\u2019s share of the combined cryptocurrency market cap is currently at 45.7%.<\/p>\n<p>Up almost 3% since the weekend alone, Bitcoin dominance shows a trend-setting move by the largest cryptoasset reminiscent of classic bull cycles.<\/p>\n<p>\u201cEvery Bitcoin bull market has commenced with a spike in BTC dominance (as has every bear market),\u201d markets commentator Tedtalksmacro <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/tedtalksmacro\/status\/1635884505436389376\/photo\/1\">noted<\/a> on March 15.<\/p>\n<p>An accompanying chart showed that such dominance \u201cspikes\u201d tend to precede significant trend shifts in BTC price action.<\/p>\n<p>\u201cBull Market or Echo Bubble?\u201d Tedtalksmacro queried.<\/p>\n<p>Analyst Hamza meanwhile used Wyckoff schematics to reveal an equally broad \u201csurge\u201d in dominance after months of an \u201caccumulation\u201d phase.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> dominance on a full surge as expected using wyckoff accumulation schematic. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/QqIzvIh0rW\">https:\/\/t.co\/QqIzvIh0rW<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/nxrPMGqKcZ\">pic.twitter.com\/nxrPMGqKcZ<\/a><\/p>\n<p>\u2014 Hamza (@Itsdehamza) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Itsdehamza\/status\/1636390677553778693?ref_src=twsrc%5Etfw\">March 16, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>\u201cExpect for Bitcoin dominance to come roaring back soon,\u201d optimistic Bitcoin investor and research analyst Tuur Demeester <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TuurDemeester\/status\/1635729304402423808\">added<\/a> earlier in the week. <\/p>\n<blockquote><p>\u201cSmart contracts, privacy, high speed transactions, issued assets: after 14 years of maturation it&#8217;s all being built on Satoshi&#8217;s granite foundation. Bitcoin is an open standard for all\u2014the internet of money.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/5f30f98c-fea0-41c8-848a-9d131df2260b.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin market cap dominance 1-day candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_narrative_goes_%E2%80%9Cfrom_bearish_to_bullish%E2%80%9D\"><\/span>Bitcoin narrative goes &#8220;from bearish to bullish&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>With recent events buoying Bitcoin bulls still further after an already impressive start to the year, overall opinions on future performance are gradually flipping positive after a grim bear market.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin returns to $25K as Credit Suisse bailout precedes EU rate hike move<\/em><\/strong><\/p>\n<p>Among the shifts in perspective is that of trading firm Decentrader, which in a fresh <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.decentrader.com\/market_updates\/bitcoin-the-narrative-turns-bullish\/\">market update<\/a> on March 16 described the \u201cnarrative\u201d around Bitcoin as \u201cturning bullish.\u201d<\/p>\n<p>\u201cIt has been a long, cold winter for Bitcoin and crypto. However, recent events have helped to catapult near-term price, and importantly have shifted the narrative from bearish to bullish,\u201d contributor Miffy summarized.<\/p>\n<p>Of particular interest is $21,800 should a retracement kick in, with Decentrader eyeing $30,000 as a potential upside target.<\/p>\n<p>\u201cIn the near-term the shorts have been squeezed, late-longs punished, and right now price is resting underneath the 200WMA. If price does need to drop down to generate enough momentum to take the next leg up to $30,000, the 1D support at $21,800 is a clear target. But for now 4H support is holding well at $23,900,\u201d Miffy concluded. <\/p>\n<blockquote><p>\u201cImportantly though, we have seen a major narrative shift for Bitcoin with a clear breakaway from traditional markets which continue to struggle due to their economic troubles and bank blow-ups. We may well see outside interest return to Bitcoin if its price rises further and its use case becomes clearer as the traditional banking system continues to implode.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/653cb975-63c4-4af1-aa07-e95fe0a76589.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<p>BTC\/USD traded at around $24,900 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.<\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-dominance-nears-50-as-research-hails-bullish-narrative-flip\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin dominance nears 50% as research hails &#8216;bullish&#8217; narrative flip &#8220; Bitcoin (BTC) accounts for more of the total value of cryptocurrency than at any time since June 2022. The latest data from TradingView shows that Bitcoin market cap dominance is nearing 46% \u2014 its highest in nine months. New dominance &#8220;spike&#8221; hints at&#8230;<\/p>\n","protected":false},"author":1,"featured_media":564566,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/1ae96996-4726-4afc-9288-69be88d7b51e.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-564565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/564565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=564565"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/564565\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/564566"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=564565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=564565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=564565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}