Through a series of gains and losses prior to now week, the worth of Bitcoin (BTC) recorded no significant overall change indicating widespread market uncertainty despite the inauguration of pro-crypto Donald Trump as US President.  Interestingly, blockchain analytics company Glassnode notes that wider developments point to a bullish future for the flagship crypto asset.

Bitcoin Dominance On The Rise, What Lies Ahead?

In an X post on January 24, Glassnode reports that Bitcoin dominance is currently surging after a slump to ~54% in December 2024 during which the premier cryptocurrency experienced a big price correction of about 14.5%. Following a remarkable price rebound in January, Bitcoin’s market share has now moved past 57% indicating increased investor preference for BTC amidst much market uncertainty.

In response to Glassnode, this development is comparable to the 2020/2021 bull cycle where BTC dominance reached a neighborhood bottom of 60% in November 2020 before rising to 69% in January 2021, followed by one other decline.

During this cycle, the Bitcoin Dominance eventually peaked around 72%, preceding the asset’s rise to $40,000 doubling the prior cycle’s all-time high of $19,764. Notably, Bitcoin still surged on to record an all-time high of $64,800 in that bull run.

Subsequently, if the premier cryptocurrency mirrors such performance, investors could expect a minimum price goal of $128,000 in the present bull run. Nevertheless, based on historical data from Glassnode, BTC is barely prone to start gaining exponentially once its dominance attains a peak value and starts dropping.

Notably, this era known as the altseason where altcoins generally outperform Bitcoin when it comes to market performance because of a shift in the chance appetite of investors. During this era, altcoins would experience a bigger capital influx than Bitcoin because of their ability to potentially produce higher returns than the premier cryptocurrency. Albeit, BTC would still produce a big price rally which is critical to the bullish direction of the final crypto market.

Altseason On Hold?

With BTC Dominance on the rise, it appears the altseason is yet to start against previous popular speculations. In response to data from CoinMarketCap, the altseason index is currently at 46, indicating that the market continues to be relatively neutral but barely leaning towards a Bitcoin Season.

Nevertheless, this current market status may be attributed to the current uncertainty around investors. In response to previous predictions, altseason is predicted to kick in soon with significant price surges projected to occur in March.

Albeit certain analysts resembling Ali Martinez now postulate an altseason may not occur on this bull cycle because of massive increase in altcoins during the last 4 years. At press time, Bitcoin continues to trade at $104,680 reflecting a 1.05% gain prior to now day.