Bitcoin (BTC) Will Likely Continue to Outshine Altcoins, Analyst Benjamin Cowen Says

In a new strategy session, Cowen takes a look at Ethereum in its Bitcoin pair (ETH/BTC), which is often used as a gauge for altcoin strength.

Analyst Benjamin Cowen is closely watching Bitcoin (BTC) and a key resistance level that could determine the fate of a potential Q4 rally.

In a new strategy session, Cowen examines Ethereum in its Bitcoin pair (ETH/BTC), which is widely used to gauge altcoin strength.

Cowen believes that ETH/BTC is bottoming out, but he anticipates that Bitcoin Dominance (BTC.D) will continue to rise, possibly reaching the 60% mark.

He adds that many altcoins will capitulate against Bitcoin before BTC.D tops out.

“I do think dominance is going 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.”

At the time of this writing, BTC.D is at 58%.

The analyst also points out the $63,000 to $64,000 zone (roughly where the 200-day moving average lies) as a crucial resistance range that BTC must penetrate to initiate a genuine rally.

“So I would say that $63,000 to $64,000 is going to be the big level. If Bitcoin can get back through that and put in a higher high again then, it definitely raises the odds of Bitcoin continuing to go up in Q4.

If Bitcoin just finds resistance at $63,000 to $64,000 again, then there’s more evidence to suggest that it’s just playing out like it did after rate cuts last cycle where you get a couple weeks rally, you get an impressive rally but the market just sells off afterwards because it’s not enough.”

Bitcoin is trading at $63,824 at the time of writing, up almost 3% for the day.