Analyst Benjamin Cowen predicts that Bitcoin (BTC) 
$64,336 will continue to outperform altcoins in the near future. He suggests that Bitcoin will maintain its leadership position within the cryptocurrency market.
Ethereum and BTC
Cowen analyzes Ethereum (ETH) 
$1,874 in relation to Bitcoin through the ETH/BTC trading pair. Monitoring the ETH/BTC pair is a viable option to assess the performance of altcoins. The status of Ether, the largest altcoin by market capitalization, aligns with the overall performance of altcoins against BTC. Cowen states that the ETH/BTC trading pair is establishing a base, predicting an ongoing increase in Bitcoin dominance.
Bitcoin Market Dominance (BTC.D) reflects Bitcoin’s market cap relative to all cryptocurrency assets. Cowen forecasts that BTC.D could reach 60%. He notes that this increase might lead to a decline in many altcoins against Bitcoin.
“I believe BTC.D will reach 60% in the fourth quarter, causing a drop in Altcoin/BTC pairs. This occurred in the last cycle during Bitcoin’s rally followed by a downturn.”
Critical Resistance Level for Bitcoin
Cowen identifies the 200-day moving average, situated between $63,000 and $64,000, as a key resistance level for Bitcoin. Surpassing this level could signal the beginning of a strong rally for Bitcoin.
“The range of $63,000 – $64,000 will be significant. If Bitcoin surpasses this level and reaches a new high, the likelihood of continued growth in the fourth quarter increases.”
Currently, BTC.D is hovering around 58%, with Bitcoin trading at approximately $63,224, reflecting a nearly 1% increase in one day. According to the analyst’s assessments, if Bitcoin surpasses this critical resistance level, it could generate positive signals for traders. However, failure to break this resistance may lead to market volatility.
If Bitcoin breaks through this critical level, it could create positive momentum in the cryptocurrency market, exerting pressure on altcoins. Traders can adjust their strategies according to market trends by closely monitoring Bitcoin’s movements.
