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Cryptocurrency News Articles
Bitcoin (BTC) Will Likely Continue to Outshine Altcoins, Analyst Benjamin Cowen Says
Oct 07, 2024 at 05:15 pm
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.
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