Analyst Predicts Potential Turnaround for Altcoins Against Bitcoin

Analyst Benjamin Cowen suggests that the struggling altcoin market might start recovering against Bitcoin (BTC) under specific conditions.

Cowen explains that the key indicator to watch is Ethereum’s performance against Bitcoin (ETH/BTC). He mentions that if the ETH/BTC trading pair hits a range between 0.03 BTC and 0.04 BTC on the weekly chart, which it recently did, Bitcoin’s market dominance (BTC.D) could begin to decline.

The BTC.D index measures Bitcoin’s share of the total cryptocurrency market cap. A decrease in this index often indicates that altcoins are outperforming Bitcoin.

Cowen believes that the ETH/BTCvaluation is crucial for understanding whether the altcoin market will improve or continue facing challenges. He has anticipated for the past two and a half years that altcoins would likely continue to lose value to Bitcoin until ETH/BTC reaches the 0.03 to 0.04 BTC range. Now that ETH/BTC has reached 0.04, he suggests that a market shift might be imminent.

Cowen also forecasts that Bitcoin’s dominance might peak within the next few months. He suggests that BTC dominance could peak as early as September, but it could also extend to December.