A popular crypto analyst, Benjamin Cowen, believes Bitcoin (BTC) will continue to dominate the crypto market, leaving altcoins in the dust. He predicts that Bitcoin Dominance (BTC.D), which measures Bitcoin’s market cap compared to all other cryptocurrencies, will climb to 60% in the fourth quarter.
Altcoins in Trouble?
Cowen sees this dominance leading to a significant drop in altcoin prices relative to Bitcoin. He expects many altcoins to “capitulate” against Bitcoin as BTC.D reaches its peak.
“I think dominance is going to hit 60% in Q4, and that means altcoins will take a dive,” he said. “The question is whether this happens during a Bitcoin rally or a Bitcoin dump. Last time, it was a mix of both.”
Currently, BTC.D sits at 58%, indicating Bitcoin’s strong market position.
Bitcoin’s Big Level
Cowen identifies a crucial resistance level for Bitcoin: the $63,000 to $64,000 range, where the 200-day moving average currently sits.
“If Bitcoin can break through that and make a new high, it increases the odds of a bullish Q4,” he explained. “But if it stalls at that level, it could be a repeat of last cycle after rate cuts – a short-lived rally followed by a sell-off.”
At the time of writing, Bitcoin is trading at $63,824, up nearly 3% for the day.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Always do your own research before making any investment decisions.
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