Benjamin Cowen is a well-known analyst who says Bitcoin (BTC() is likely to continue to be the most popular altcoin for a long time.
Cowen’s new strategy session looks at Ethereum and its Bitcoin pairing (ETHIt is also known as BTC, which can be used to gauge the strength of altcoins.
Cowen believes that ETH/BTC has bottomed out. However, he predicts that Bitcoin dominance (BTC.D), a measure of the value of Bitcoin compared to all other digital assets, is likely to continue rising, possibly reaching a maximum of 60%.
Cowen believes that altcoins are likely to capitulate before BTC.D hits its top.
“I do think dominance is going to go to 60% in Q4 and that means that I think that alt/Bitcoin pairs will take that plunge. Of course the question is it coming on a Bitcoin rally or is it coming on a Bitcoin dump. Last cycle it basically occurred on a combination of both.”
BTC.D has a BTC.D of 58%.
The analyst also that the $63,000 to $64,000 range – roughly where the 200-day moving average is – is a key range of resistance that BTC has to get through before kicking off a legitimate rally.
“So, I would say the $63,000 to 64,000 level is going to make a big difference. It is more likely that Bitcoin will continue to rise in Q4 if Bitcoin can break through this and reach a new high.
“If Bitcoin only finds resistance between $63,000 and $64,000, it is more likely to be playing out as it did last time after the rate cut, where there was a two-week rally that produced an impressive rise, but then it just fell off because it wasn’t enough.”
Bitcoin was trading at $63,824 as of the time this article went to press, up almost 3% for the day.
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