Bitcoin Set to Maintain Dominance as Analyst Predicts Key Resistance Levels
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Bitcoin managed to recover from the recent decline to $60,000, following Iran's attack on Israel, and most altcoins experienced similar surges.
Renowned analyst Benjamin Cowen stated that Bitcoin (BTC) is poised to maintain its dominance over altcoins in the near term. He analyzed the performance of Ethereum (ETH) against Bitcoin (ETH/BTC), which serves as a measure of altcoin strength.
Cowen noted that ETH/BTC appears to be nearing a bottom, but he predicts that Bitcoin Dominance (BTC.D) will continue to rise, potentially reaching 60%. He anticipates that many altcoins will experience significant declines against Bitcoin before this dominance peaks.
He mentioned that he anticipates Bitcoin’s dominance will reach 60% in the fourth quarter, suggesting that altcoin pairs against Bitcoin are likely to decline (currently, BTC.D is around 58%.)
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Cowen also highlighted the $63,000 to $64,000 range, aligning with the 200-day moving average, as a crucial resistance level that Bitcoin must overcome to initiate a meaningful rally. Unfortunately, BTC couldn’t hold the $64,000 level after a brief surge, but still remains above $63,000.
He explained that if Bitcoin can break through the $63,000 to $64,000 range and set a higher high, it would increase the chances of ongoing growth in the fourth quarter.
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