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A widely followed crypto analyst is predicting that the market dominance of Bitcoin (BTC) is about to rally.
According to analyst Benjamin Cowen, altcoins are set to take a precipitous plunge against the crypto king this week.
“Altcoins will likely drop another 30% against Bitcoin over the coming weeks.”
Re-tweeting one of his former X posts, Cowen says that BTC dominance should be on the rise no matter how it performs against the US dollar.
“It has been true all cycle.”
According to the widely followed crypto trader, BTC will still rally by year’s end, before falling into a bear market next year.
“Perhaps you missed the memo of the entire cycle but liquidity can flow to btc in both rallies and dumps.
I even articulated that well in the videos I made about dominance all month, that no matter the direction btc takes, dominance will go higher.
There is a risk to owning any asset.
Btc likely tops in q4 and next year is a bear market.
The point is that btc.d goes up regardless during QT.”
Cowen continues,
“I’m telling people what I think will happen in the markets.
Btc top is in Q4 as I’ve said for a long time.
Alts will bleed to btc.
Metals are bullish.
You view it as mocking because you are emotional about your own positions.”
Finally, the analyst thinks traders should be realistic when viewing the markets.
“I made money on alts in a real alt season.
Others have spent 4 years losing money on alts because they keep thinking it’s alt s,563eason.
Trade the market you have, not the market you want.”
BTC is worth $106,563 at time of writing, down 7% on the week.
