Through a series of gains and losses in the past week, the price 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.

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 significant 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.

According to Glassnode, this development is similar to the 2020/2021 bull cycle where BTC dominance reached a local bottom of 60% in November 2020 before rising to 69% in January 2021, followed by another 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.

Therefore, if the premier cryptocurrency mirrors such performance, investors could expect a minimum price target of $128,000 in the current bull run. However, based on historical data from Glassnode, BTC is only likely to start gaining exponentially once its dominance attains a peak value and starts dropping.

Notably, this period is called the altseason where altcoins generally outperform Bitcoin in terms of market performance due to a shift in the risk appetite of investors. During this period, altcoins would experience a larger capital influx than Bitcoin due to their ability to potentially produce higher returns than the premier cryptocurrency. Albeit, BTC would still produce a significant price rally which is critical to the bullish direction of the general crypto market.

With BTC Dominance on the rise, it appears the altseason is yet to begin against previous popular speculations. According to data from CoinMarketCap, the altseason index is currently at 46, indicating that the market is still relatively neutral but slightly leaning towards a Bitcoin Season.

However, this current market status can be attributed to the present uncertainty around investors. According to previous predictions, altseason is expected to kick in soon with significant price surges projected to occur in March.

Albeit certain analysts such as Ali Martinez now postulate an altseason may not occur in this bull cycle due to massive increase in altcoins over the last four years. At press time, Bitcoin continues to trade at $104,680 reflecting a 1.05% gain in the past day.

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