Cryptocurrency Markets Are Closing the Week Strong, with Bitcoin Pushing Above $90,000

Veteran analyst Benjamin Cowen expects Bitcoin dominance to increase for the remainder of the year. He expects a reversal only in 2025.

(Nov. 4, 2022) Cryptocurrency markets are closing the week strong, with Bitcoin pushing above $90,000 at the end of the U.S. trading session.

Notable Statistics:

Bitcoin rose over 2% on Friday evening.

The world’s largest cryptocurrency reached highs of $90,275.

BTC last traded above $90,000 in March 2022.

Bitcoin price now down 70% from all-time highs.

Chart shows BTC price action over the past seven days. Source: Finviz

Notable Developments:

Veteran analyst Benjamin Cowen anticipates Bitcoin dominance will continue to rise through the year. He anticipates a reversal only in 2025.

“With #ALT / #BTC pairs still about 27% off their lows, #DXY climbing, yields going up, and QT continuing, #BTC dominance will likely go higher into EOY. I do think #BTC dominance will go down in 2025, but that is 1.5 months away, and a lot can happen between now and then.”

A poll by trader TheFlowHorse showed his audience was split on whether Bitcoin will trade above $89,500 over the weekend, with a slight 54% majority saying yes.

Technical analyst Pierre outlined the likely paths for Bitcoin in the short term: either a flip of the resistance level around $90,000, which could lead to new highs, or a visit to the bottom of the range around $85,000. In between the two prices, he anticipates sideways trading action.

Top Gainers:

Among the top gainers were Bitcoin (BTC), Litecoin (LTC) and Near Protocol (NEAR).

LTC price rose over 4%.

The cryptocurrency reached highs of $64.40.

LTC price now down 85% from all-time highs.

Chart shows LTC price action over the past seven days. Source: Finviz

Other gainers included ApeCoin (APE), Bitcoin Cash (BCH) and Chainlink (LINK).

APE price rose over 3%.

The cryptocurrency reached highs of $4.08.

APE price now down 80% from all-time highs.

Chart shows APE price action over the past seven days. Source: Finviz

Trader Notes:

The influence of Bitcoin as an institutional asset class is set to be explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.