Crypto strategist Benjamin Cowen says that the crypto market is getting into one of the “brutal” levels of its cycle.
Cowen tells his 768,800 followers on the social media platform X that Bitcoin’s (BTC) dominance, or its complete share of the crypto market capitalization, is now going up as danger urge for food for the asset class declines.
“We’ve been discussing this part of the market cycle for some time. Specifically, the place BTC drops, however BTC dominance (BTC.D) goes up, as a result of altcoins are dropping extra. It’s at all times essentially the most brutal a part of the market cycle.”
In a brand new YouTube strategy session, Cowen makes use of Fibonacci retracement ranges to recommend that Bitcoin’s dominance will probably peak on the 60%, because it did final cycle.
“I’m nonetheless a believer within the 60%. It may very well be barely completely different. Like, it may very well be 59%. It may very well be 63%. And a few folks say, Properly, what about stablecoins? I believe the stablecoin market is why it doesn’t go to 65% or 70%.”
Bitcoin is buying and selling for $27,464 on the of writing and BTC.D is at 51.19%.
Cowen additionally weighs in on Ethereum (ETH) towards Bitcoin, and predicts ETH/BTC will grind its manner right down to in regards to the 0.037 degree, which is about $1,016 at time of writing.
“ETH/BTC collapse continues. It has been a fairly gradual course of up to now (actually slower than I used to be anticipating), however the pattern has in truth been down for a very long time.”
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