Bitcoin’s price hit $59,700, briefly surpassing the $60,000 mark within the past 24 hours, though the surge was not sustained. Market volumes have weakened, causing expectations of a weekend rally to falter. Thankfully, no severe decline was observed. Mondays are infamous for market losses, making the outcome of the coming day uncertain. Experts have weighed in with their predictions.
What Do Experts Predict?
Benjamin Cowen has reemerged in the spotlight, sharing his predictions on Bitcoin’s market dominance (BTCD) and providing a market analysis. Bitcoin’s dominance significantly impacts altcoins, often peaking when Bitcoin reaches a high or low. Cowen suggests that like in the previous bull cycle, BTCD falls during altcoin rallies but can return to its earlier levels before a major dip, indicating tough times ahead for altcoins. Access NEWSLINKER to get the latest technology news.
Cowen predicts BTCD will reach around 60%, with potential timelines ranging from September to December. Currently, BTCD stands at approximately 57.36%, so the 60% target isn’t far off. He also believes Ethereum’s strength makes a return to the 70% level unlikely.
Bull Cycle Insights
Prominent crypto analyst Kaleo believes that Bitcoin market dominance may have already peaked. He considers the 57.5% region as a plausible peak for the BTCD cycle but warns that any higher could be detrimental. Kaleo notes that a drop below 50% would signal a strong bull season for altcoins.
In December 2020, BTCD hit 70.23%, and by March 2021, Bitcoin had surged past $61,000 with a 220% increase. Cowen emphasizes that BTCD should be evaluated alongside USDT, which would push the figure above 63%. The optimistic news is that BTCD is nearing its peak, suggesting altcoins may soon have more room to thrive.
Key Takeaways for Investors
- Bitcoin’s market dominance significantly affects altcoin performance.
- BTCD is expected to reach around 60% by early fall or late winter.
- If BTCD falls below 50%, altcoins might enter a strong bull phase.
- Current levels near 57.36% suggest the peak is close, potentially benefiting altcoins soon.
In conclusion, experts offer a nuanced outlook on Bitcoin and its market dominance. While Bitcoin’s surge is promising, its dominance levels indicate varying degrees of challenges and opportunities for altcoins in the upcoming months. Investors should stay informed and consider these dynamics when making financial decisions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/bitcoin-surpasses-60000-briefly