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A popular cryptocurrency analyst believes that Bitcoin (BTC) is poised to dominate other cryptocurrency markets.
In a new YouTube video, Benjamin Cowen tells his 768,000 subscribers that the Bitcoin Dominance Chart (BTC.D) could soar above 50% towards the end of the year.
The BTC Dominance Chart tracks how much of the cryptocurrency market capitalization belongs to Bitcoin. A bullish BTC dominance suggests that Bitcoin is rising faster than other cryptocurrencies, or that altcoins are losing value while major cryptocurrencies are surging.
At the time of writing, BTC.D is trading at 41.49%.
According to Cowen, BTC.D is currently in a long-term downtrend but is now highlighting its diagonal support, suggesting a strong pullback is on the horizon.
“Looking at the general direction of this, it definitely looks like it’s going downhill… perhaps it’s building towards the beginning that we’re seeing. [to 58%] and it comes back [to 40%]
According to Cowen, a spike in Bitcoin dominance in the coming months could actually help set the stage for future altseasons. It’s time for bitcoin to consolidate.
Everybody talks about altseasons and stuff like that, but getting a true altseason like we’ve seen in past bull markets often takes a lot of the juice that comes from what you already have. [Bitcoin] relatively high dominance.
Me
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Featured image: Shutterstock/Panassak Charnprasert
