Today, together with you, we will examine the Bitcoin dominance exceeding 50% and reaching the peak of two years and the Bitcoin price comments of expert analysts.
Bitcoin Dominance Passes 50%
Many altcoins were also qualified as securities after the US Securities and Exchange Commission’s lawsuits against Binance and Coinbase exchanges. After these developments, with the exits from altcoins, investors started to buy Bitcoin. In this process, BlackRock’s application for a Bitcoin ETF accelerated the transition of investors to Bitcoin, allowing BTC dominance to exceed 50 percent.
This means that the leading cryptocurrency alone accounts for half of the $1.1 trillion valuation of the cryptocurrency market. It seems that BTC market dominance has increased by more than 10.5% especially since November 27, 2022. This increase is due to investors seeking a safe haven for their assets after the FTX crisis.
MicroStrategy co-founder Michael Saylor said last week that increasing regulatory pressure from the securities and exchange commission is causing stablecoins and other crypto-assets to disappear, so Bitcoin’s market dominance will rise to over 80% in the coming years.
What is the Experts’ Comment on Bitcoin?
Credible Crypto, one of the popular analysts, evaluated the latest situation in Bitcoin in a statement on Twitter. The analyst, who predicted the parabolic rise, says that a single spark can be enough for the BTC price.
The analyst, who foresees a sharp rise for Bitcoin, states that Bitcoin will compensate for the consolidation that has been going on for several months in a few days. The experienced analyst said in a statement: “There are always consolidations before the upswings. It took 48 days when the last correction occurred and sudden price movements erased the consolidation here in just 4 days. The current retracement structure has been going on for 83 days so far. “When the next movement starts, it will probably wipe out quarterly corrections in a week or so.”
Referring to the amount of Bitcoin held by investors, Credible Crypto mentioned that long-term Bitcoin holders continue to increase their balances steadily despite all the problems experienced over the past year.
Chris Burniske, former head of Ark Invest crypto division and analyst, was also among the analysts who commented on the Bitcoin price. Burniske stated that after the rise of the NASDAQ-100, investors will turn to risk products, primarily Bitcoin. Stating that we are close to the days when Bitcoin will perform better, Burniske emphasized that with the stagnation period in US-based stocks, investors will turn to risky assets and Bitcoin will make upward movements in this direction.
What is the Latest Situation in Bitcoin Price?
Bitcoin, which was in the $26,770 region at the time of this video, tested the $27,150 region yesterday evening. Afterwards, the asset, which experienced minor pullbacks in the price, continues to be priced positively. If Bitcoin price continues to rise, the first resistance zone to follow is at $27,191. If the asset exceeds that area, the second resistance level to follow is at $27,525, while the last level of resistance to be followed in the scenario where the uptrend is accelerating is around $28,308.
In case of a possible correction, the support levels to be followed are 26,408, 25,959 and 25,176.
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