Bitcoin (BTC) Dominance Ripe for Bounce Before Altseason, Says Analyst Benjamin Cowen

A popular crypto analyst thinks Bitcoin (BTC) is about to assert its dominance over the rest of the crypto markets.

In a new YouTube video, Benjamin Cowen tells his 768,000 subscribers that the Bitcoin Dominance chart (BTC.D) could soon surge to higher than 50% going into the end of the year.

The BTC Dominance chart tracks how much of the total crypto market capitalization belongs to Bitcoin. A bullish BTC Dominance suggests Bitcoin is rising faster than other crypto assets, or altcoins are losing value while the leading crypto surges.

At time of writing, BTC.D is hovering at 41.49%.

According to Cowen, BTC.D is currently in a long-term downtrend but highlights that it is currently sitting at its diagonal support, suggesting that a strong bounce could be on the horizon.

“If you look at the general direction of this, it seems like it’s arguably down… Maybe that’s building towards something that we’re seeing the beginnings of. Maybe it comes back up [to 58%] and it comes back down [to 40%].”

A surge in Bitcoin Dominance in the coming months could actually help set the stage for an altseason in the future, according to Cowen. An altseason is a period where altcoins rally hard while Bitcoin consolidates.

“Everyone talks about altseason and whatnot, but in order to get a true altseason like we’ve seen in bull markets past, a lot of times you need a lot of the juice that comes from already having [Bitcoin] dominance relatively high.” 

I

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines
&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Panassak Charnprasert