Will Bitcoin Price Soar to ATH Amid Altcoin Market Growth?

Bitcoin price surged to $98,010, reflecting a 2% increase in the past 24 hours, as the global crypto market gained momentum.

Bitcoin price rose to $98,010 on Monday evening, showing a 2% rise over the past 24 hours. Global crypto market capitalization stood at $3.38 trillion, showing a 1% increase, while 24-hour trading volume went up 10% to $301 billion.

The world’s largest cryptocurrency traded in a 24-hour range of $95,380 to $99,507. It had a market cap of $1.93 trillion and a market dominance of 56%.

Major altcoins, including Ethereum, BNB, XRP, and Solana (SOL), also showed significant gains, boosting market confidence. Meme coins, such as Dogecoin and PEPE, also displayed signs of recovery following recent downtrends, adding to the broader market’s positive trend.

Bitcoin remained about 10% below its all-time high of $108,268.45, reached on December 17, 2024. With increased trading activity and altcoin recovery driving market enthusiasm, attention centered on whether Bitcoin would soon surpass its previous record.

Analyst Highlights Trump’s Bullish Stance on BTC Growth

During a recent event in Nashville, crypto analysts highlighted former President Donald Trump’s bold statement on Bitcoin. Trump expressed confidence that Bitcoin and cryptocurrencies would “skyrocket like never before,” anticipating unprecedented growth in the next four years.

His remarks at the Bitcoin 2024 conference generated excitement among crypto enthusiasts and investors.

🇺🇸 President Trump says, “#Bitcoin and crypto will skyrocket like never before, even beyond your expectations.”

— Benzinga Crypto (@BenzingaCrypto)

March 13, 2024

Is BTC Price Poised For More Gain?

Bitcoin dominance reached a critical stage, signaling the beginning of the biggest altseason, according to market experts. They noted that BTC’s dominance recently experienced a breakout, followed by a pullback, and appeared to be heading towards a potential hard dump.

The chart showed Bitcoin dominance at 58%, indicating a strong upward trajectory over recent months. Analysts attributed this rise to increased investor confidence in Bitcoin amidst macroeconomic uncertainties. However, the pullback and resistance levels could signify a shift in momentum favoring altcoins. Market observers believed this transition could lead to a surge in altcoin trading activity.

$BTC Dominance

Breakout ✅

Pull back ✅

Hard dump ⏳

Biggest #ALTSEASON EVER HAS STARTED pic.twitter.com/zU0EQtuuJk

— DaviD Li (@DavidsBitcoin) March 14, 2024

The latest Bitcoin “In/Out of the Money” data highlighted wallet activity, showing most addresses were profitable at $97,324.87. The visualization emphasized significant buying at various price ranges, including $42,145–$57,400. These metrics signaled strong buying at lower price points.

Source: IntoTheBlock

The BTC price remained consolidated, hovering below the critical $100,000 resistance level. The Relative Strength Index (RSI) on the 4-hour timeframe stood at 42, suggesting weaker momentum.

The Moving Average Convergence Divergence (MACD) indicator, while slightly bullish, also showed reduced momentum.

Key support levels for BTC were positioned near $97,000, with stronger support around $95,000. Further declines toward $92,000 could occur if the price breaches these levels. On the upside, Bitcoin faced a formidable resistance at $100,000, followed by a psychological barrier at $108,000.

The upward momentum in Bitcoin and recovery among altcoins signaled strong market optimism. However, breaking key resistance levels would be crucial in determining whether BTC could revisit its all-time high.