The narrative surrounding Bitcoin as a potential safe haven against instability in the traditional banking system has boosted its value against other cryptocurrencies. According to TradingView, Bitcoin dominance reached its highest level in nine months, exceeding 45.5%. BTC/ETH exchange rates were also high this week, and BTC/BNB and BTC/XRP rates reportedly showed positive trends. However, the Altcoin Season Index on Blockchaincenter.net has fallen into the “Bitcoin Season” with a score of 22, after reaching a score of 47 in late February. Analysts predict that Bitcoin could reach $30,000, as it has recently rebounded from previously low levels. On-chain indicators suggest that bitcoin’s bull market is strong and traders will be watching to see signs of further instability in traditional financial systems. The Fed meeting next week will also be a key event for experts to monitor. If Bitcoin breaks above the $28,000 resistance level, it could potentially reach the $32,500-$33,000 area.
