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Bitcoin (BTC) Dominance Ripe for Bounce Before Altseason, Says Analyst Benjamin Cowen

A well-liked crypto analyst thinks Bitcoin (BTC) is about to say 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 increased than 50% going into the tip of the yr.

The BTC Dominance chart tracks how a lot of the overall crypto market capitalization belongs to Bitcoin. A bullish BTC Dominance suggests Bitcoin is rising sooner than different crypto property, or altcoins are dropping worth whereas the main crypto surges.

At time of writing, BTC.D is hovering at 41.49%.

According 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 assist, suggesting {that a} robust bounce could possibly be on the horizon.

“If you look at the general direction of this, it seems like it’s arguably down… Maybe that’s building towards something that we’re seeing the beginnings of. Maybe it comes back up [to 58%] and it comes back down [to 40%].”

Source: Benjamin Cowen/YouTube

A surge in Bitcoin Dominance within the coming months might really assist set the stage for an altseason sooner or later, in keeping with Cowen. An altseason is a interval the place altcoins rally arduous whereas Bitcoin consolidates.

“Everyone talks about altseason and whatnot, but in order to get a true altseason like we’ve seen in bull markets past, a lot of times you need a lot of the juice that comes from already having [Bitcoin] dominance relatively high.” 

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Featured Image: Shutterstock/Panassak Charnprasert

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