‘Most Brutal Part of the Market Cycle’ Now Unfolding for Crypto Markets, Says Analyst Benjamin Cowen
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 threat 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 probably the most brutal a part of the market cycle.”
In a brand new YouTube strategy session, Cowen makes use of Fibonacci retracement ranges to counsel that Bitcoin’s dominance will possible peak on the 60%, because it did final cycle.
“I’m nonetheless a believer within the 60%. It could possibly be barely totally different. Like, it could possibly be 59%. It could possibly be 63%. And a few folks say, Properly, what about stablecoins? I feel 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 approach right down to in regards to the 0.037 stage, which is about $1,016 at time of writing.
“ETH/BTC collapse continues. It has been a fairly gradual course of to date (actually slower than I used to be anticipating), however the development has in truth been down for a very long time.”
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