A well-liked crypto analyst thinks Bitcoin (BTC) is about to claim its dominance over the remainder of the crypto markets.
In a brand new YouTube video, Benjamin Cowen tells his 768,000 subscribers that the Bitcoin Dominance chart (BTC.D) might quickly surge to greater than 50% going into the top of the 12 months.
The BTC Dominance chart tracks how a lot of the whole crypto market capitalization belongs to Bitcoin. A bullish BTC Dominance suggests Bitcoin is rising sooner than different crypto property, or altcoins are shedding worth whereas the main crypto surges.
At time of writing, BTC.D is hovering at 41.49%.
In response to Cowen, BTC.D is at the moment in a long-term downtrend however highlights that it’s at the moment sitting at its diagonal help, suggesting {that a} sturdy bounce may very well be on the horizon.
“If you happen to take a look at the final course of this, it looks as if it’s arguably down… Perhaps that’s constructing in the direction of one thing that we’re seeing the beginnings of. Perhaps it comes again up [to 58%] and it comes again down [to 40%].”
A surge in Bitcoin Dominance within the coming months might really assist set the stage for an altseason sooner or later, based on Cowen. An altseason is a interval the place altcoins rally laborious whereas Bitcoin consolidates.
“Everybody talks about altseason and whatnot, however as a way to get a real altseason like we’ve seen in bull markets previous, a whole lot of occasions you want a whole lot of the juice that comes from already having [Bitcoin] dominance comparatively excessive.”
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Featured Picture: Shutterstock/Panassak Charnprasert
