Bitcoin climbed to $69,000 in the early hours of this morning. It is worth noting that among the top 300 tokens by market value, Bitcoin’s market share has exceeded 65%, which is the first time since the beginning of 2021. In addition, Musk’s call for DOGE also caused it to surge by 15% in a short period of time, and it is still climbing. Various positive factors have made the market speculate, is the bull market really coming?

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Bitcoin dominance hits 3-year high

It is worth noting that against the backdrop of Bitcoin's return to $69,000, IntoTheBlock tweeted that Bitcoin's market share has exceeded 65% among the top 300 tokens by market value, the first time since the beginning of 2021 and the highest level in three years.

Bitcoin market share

Musk calls for DOGE to surge 15%

In addition, according to Fortune magazine, when Tesla CEO Elon Musk gave a speech at a town hall in Folsom, Pennsylvania on Thursday local time, an audience member asked Musk about the idea of ​​creating a "Department of Government Efficiency."

Musk answered without hesitation: "Yes, DOGE", which not only caused cheers from the crowd, but also went viral on social media. In response, the meme coin DOGE also surged by 15% in a short period of time. As of press time, the price of DOGE was $0.1454, up 7.41% in the past 24 hours.

In fact, as early as the 15th, Musk left a message under a tweet on the social platform X: "DOGE will fix it". If we look at the DOGE line chart in a longer term, DOGE's rise had already started on the 15th.

Is the bull market really coming?

On the other hand, with Bitcoin at $69,000, Bitcoin dominance at its highest level in nearly three years, and Musk calling for DOGE to surge 15%, these three bullish factors appearing at the same time, it is hard not to wonder: Is the bull market really here?

Bitcoin Dominance (BTC.D)

First, looking back at Bitcoin's dominance in the market in the past (BTC.D), according to TradingView, BTC.D is currently at 58.9%, which is the highest level since April 2021. At that time, Bitcoin's dominance was gradually declining from its January 2021 high. The price of Bitcoin also experienced a deep correction in April 2021, and then rebounded in July.

Next, we move forward to September 2018, when BTC.D officially broke through 58.9%. However, looking back at the situation at that time, the price of Bitcoin was still falling. In the following months, BTC.D continued to rise, and the price of Bitcoin also continued to climb from the low point.

Recently, BTC.D has broken through a new high in the past three years. Based on past experience, it may lead to subsequent market FOMO. It is reasonable to infer that it will take a period of brewing before the price will have significant growth.

Musk calls for a surge in orders

In addition, Musk’s call for orders has been an event since 2021, but a few months ago, when Musk called for the idea of ​​"Department of Government Efficiency (DOGE)", the DOGE market situation did not actually change much.

This time, not only did DOGE surge 15% in a short period of time, it is still rising today. This reminds people of Musk's call for DOGE during the bull market in 2021. In January, February and April 2021, Musk called for DOGE on Twitter. At that time, DOGE rose by at least 37%, and the highest was 404%.

However, some people may think that Musk's call for orders really has the flavor of a bull market, but the following data may shatter this imagination. In fact, Musk also called for DOGE in the bear market in 2022. He called for DOGE in January, April, and June, and the increases in these times were all between 10% and 32%.

If we compare this time with the 15% surge in DOGE, this alone cannot confirm that a bull market is about to come, but what is certain is that this has never happened in the past bear markets. Whether Musk can review "Musk Investment Consulting" remains to be seen.