Crypto analyst Benjamin Cowen has made several predictions regarding the behavior of Bitcoin and altcoins in the near future. His assessments are based on historical data and technical analysis.
Predictions for Bitcoin
Cowen believes that Bitcoin dominance may find a bottom and start to rise. He noted that the price of Bitcoin could follow one of three scenarios that have historically led to an increase in BTC dominance.
Possible Scenarios for Altcoins
Cowen presented three possible scenarios: 1. If Bitcoin holds support from the 20-week moving average, it may begin an uptrend, leading to an increase in BTC dominance. 2. If Bitcoin falls below the 20-week moving average and reaches the 50-week moving average, this could negatively impact altcoins, which may lose over 30% of their value. 3. If Bitcoin remains sideways above the 20-week moving average throughout September, BTC dominance will increase again, while altcoins gradually lose value.
Conclusion from Benjamin Cowen
Cowen concluded that regardless of the direction of BTC/USD, it is likely that BTC dominance will start to rise soon. He highlighted that we are at the beginning of the last major rotation into Bitcoin in this market cycle.
Cowen's predictions emphasize potential changes in Bitcoin dominance and the implications for altcoins. The various scenarios show that the market continues to evolve, and attention to changes in BTC behavior remains crucial for investors.
