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A closely followed crypto analyst says altcoins may start outperforming Bitcoin (BTC) if three events occur in the coming months.
In a new interview with host of the Milk Road Macro podcast John Gillen, crypto trader Benjamin Cowen says a new all-time high for Ethereum (ETH) may signal the start of an altseason.
“We need a $5,000 ETH for Ethereum to get to all-time highs … a lot of these major moves in the markets, the ‘altseason,’ typically happen after Ethereum goes to all-time highs – not before. You could argue that one of the reasons altcoins have lagged so much this cycle is because Ethereum only just hit an all-time high back in August. But normally the August high is a local top that then leads to a local low in September or early October.”
Cowen also says that for Ethereum to hit at least $5,000, Bitcoin will first need to print new all-time highs, which is possible if the Bitcoin dominance (BTC.D) surges.
BTC.D tracks how much of the crypto market cap belongs to Bitcoin. A bullish BTC.D chart indicates that Bitcoin is gaining value faster than altcoins.
“In order to get the rally to $5,000, Bitcoin has to go up. In order to get altseason, Ethereum has to go to $5,000. When you back out that entire process, in order to have altseason Bitcoin dominance has to first go up, because it would imply Bitcoin going to an all-time high.
I don’t think it makes sense for people to sit around and root for Bitcoin dominance to go down. If you truly want an altseason, then the only way it’s going to happen is if Bitcoin/USD goes to an all-time high in the next couple of months, and Bitcoin dominance goes up with it. If both of those things happen, then I will even come out here and say that you can have it altseason.”
Bitcoin is trading for $108,091 at time of writing, down 2.7% on the day. Meanwhile, Ethereum is trading for $3,879 at time of writing, down 2.7% on the day.
BTC.D is hovering around 59% at time of writing.
