Crypto Analyst Benjamin Cowen Warns of Brutal Market Cycle
Crypto strategist Benjamin Cowen believes that the crypto market is currently entering one of the most challenging phases of its cycle. According to Cowen, Bitcoin’s dominance in the market is increasing as risk appetite for other cryptocurrencies declines.
Cowen explains that during this phase, BTC drops in value while BTC dominance (BTC.D) goes up because altcoins are dropping even more. He describes this period as the most brutal part of the market cycle.
Bitcoin Dominance Expected to Peak at 60%
In a recent YouTube strategy session, Cowen predicts that Bitcoin’s dominance will likely peak at around 60%, similar to the previous cycle. However, he acknowledges that it could be slightly different, ranging from 59% to 63%. Cowen also suggests that the stablecoin market is preventing BTC dominance from reaching higher levels.
Ethereum Continues to Decline Against Bitcoin
Cowen also comments on the Ethereum (ETH) market, particularly its performance against Bitcoin. He predicts that ETH/BTC will gradually decline and reach a level of about 0.037, which translates to approximately $1,016 at the current time.
At the time of writing, Bitcoin is trading at $27,464 with a BTC dominance of 51.19%.
Hot Take: Crypto Markets Face Intense Phase
Crypto analyst Benjamin Cowen warns that the crypto market is currently going through one of its toughest phases. As Bitcoin’s dominance increases and altcoins struggle, he describes this period as the most brutal part of the market cycle. Cowen expects Bitcoin’s dominance to peak at around 60%, similar to the previous cycle. He also predicts a continued decline for Ethereum against Bitcoin. With these developments, the crypto market is likely to face significant challenges and volatility in the coming months.
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