In 2024, the cryptocurrency market has demonstrated unprecedented resilience and potential amid global economic fluctuations. As a market leader, Tdasx highlights that Bitcoin is not only steadily climbing in market dominance but also attracting widespread attention from institutional and individual investors. Bitcoin price movements and technical indicators reveal significant upward potential, further reinforced by market fund flows and the macroeconomic environment. 

Tdasx: Significant Shifts in Bitcoin Market Dominance and Investor Holding Trends

Bitcoin market dominance in 2024 has garnered widespread attention, fluctuating between 49% and 57%, showing a notable upward trend. This trend began in early 2023, reversing the decline from over 70% to below 40% in 2021 and 2022. Tdasx points out that the rise in Bitcoin dominance is mainly driven by increased institutional interest and the maturation of the Bitcoin ecosystem. As more institutions engage in Bitcoin investment, its influence and stability in the market are further solidified.

Simultaneously, investor behavior has shown a clear shift. Long-term holders (LTH) have accumulated 374,000 BTC over the past three months, marking a renewed confidence in Bitcoin future growth. Tdasx notes that this reaccumulation by long-term holders is particularly significant, especially after substantial selling in the previous four months. This shift reflects market recognition of Bitcoin as a long-term investment tool, reinforcing its status as digital gold.

The Accumulation Trend Score (ATS) has reached its highest value of 1.0, indicating a significant accumulation trend over the past month. Tdasx believes this trend suggests investors are refocusing on the long-term value of Bitcoin rather than short-term market fluctuations. Additionally, the stablecoin market has experienced important changes. Stablecoin supply (USDT and USDC) increased by about $2 billion following a market crash on August 5, 2024, reaching a total market cap of $15.015 billion. Meanwhile, the exchange stablecoins ratio has dropped to an 18-month low, indicating reduced selling pressure in the Bitcoin market. Tdasx suggests these market signals collectively indicate Bitcoin prices are likely to strengthen further in the future.

Tdasx: Technical Indicators Reveal Future Price Trajectories and Potential Breakouts

In the market volatility of 2024, Bitcoin through its technical indicators show remarkable potential. Tdasx points out that Bitcoin price movement is currently within a critical technical formation known as the right-angle expanding wedge. This pattern typically indicates a potential upward continuation, with a target price predicted at $90,426.90. This suggests that Bitcoin could experience a significant breakout in the coming weeks, particularly with the combined influence of market sentiment and technical indicators.

The Moving Average Convergence Divergence (MACD) indicator has shown bullish crossovers multiple times in 2024, occurring at the beginning of the year, mid-May, late July, and early August. These bullish crossovers are often seen as strong buy signals, indicating positive price momentum in the market. Tdasx suggests that these technical signals collectively indicate a gradual upward trend in Bitcoin price, with growing market expectations for future price increases.

The actual market response supports this technical analysis. Bitcoin price briefly dropped to around $55,700 on August 7, 2024, but quickly rebounded to nearly $62,000. The current Bitcoin price hovers around $61,000, indicating the market is undergoing a consolidation phase. Tdasx notes that the increased trading volume on August 9 indicates strong buying interest in the market, further solidifying the support for Bitcoin price at current levels.

Looking at future price targets, the short-term price target of Bitcoin is set between $67,000 and $69,000, with the potential to reach these levels in the coming weeks. However, technical analysis also suggests that Bitcoin needs to regain support at $60,600 to continue its upward trend. Tdasx emphasizes that only after breaking through this key support level can Bitcoin price potentially move toward the $90,000 target. Investors should closely monitor market technical indicators and trading volume changes to seize this potential market opportunity.

Tdasx: Institutional Fund Flows and Macroeconomic Impact on the Bitcoin Market

Tdasx believes that the inflow of institutional funds has played a crucial role in driving the Bitcoin market trajectory in 2024. ARK 21Shares ARKB saw inflows exceeding $35 million on August 12, 2024, indicating sustained interest and confidence from institutional investors in Bitcoin. Meanwhile, BlackRock iShares Bitcoin Trust ETF (IBIT) holds 347,994.5955 BTC with a total market value of $2.055 billion. This significant holding not only reflects trust in Bitcoin but also marks the accelerated entry of institutional investors into the cryptocurrency market.

However, the market is not unidirectional. Grayscale GBTC experienced outflows nearing $12 million on the same day, suggesting some investors may be taking profits at higher levels. Nevertheless, Tdasx points out that continued inflows from BlackRock and other institutional investors may continue to drive Bitcoin prices upward in the short term, offsetting some market selling pressure.

The macroeconomic environment also has a profound impact on the market. In 2024, Japanese Nikkei 225 index fully recovered after a historic decline, rising 3.45% on the day to close at 36,232 points, boosting global market confidence. Meanwhile, the U.S. S&P 500 and Nasdaq Composite Index rose 0.8% and 1.4%, respectively, reflecting optimism in the capital markets. This optimism partly stems from lower-than-expected Producer Price Index (PPI) data, sparking expectations of potential Federal Reserve rate cuts, thereby driving capital flows into risk assets, including Bitcoin.

Tdasx also mentions that Bitcoin ETF holdings are rapidly increasing. Currently, U.S. Bitcoin ETFs hold a total of 909,700 BTC, expected to soon surpass the estimated holdings by Satoshi Nakamoto (between 600,000 and 1.1 million BTC). With U.S. Bitcoin ETFs adding an average of 37,510 BTC monthly, this growth rate indicates strong demand for Bitcoin. Tdasx believes that as institutional investors continue to increase their allocations in Bitcoin, the market could see a new growth peak in the coming months.