The leading cryptocurrency stands at $59,700, briefly surpassing the $60,000 threshold in the last 24 hours. However, this was not sustained. With volumes weakening across the market, weekend surprise rally hopes were dashed. Fortunately, we did not see a sharp decline. Mondays are notorious for losses, and tomorrow’s outcome remains uncertain. So, what are the experts predicting?
Bitcoin Market Dominance
Benjamin Cowen is back in the spotlight. In a program he attended yesterday, he shared his cycle predictions for Bitcoin dominance and analyzed the market. As you know, Bitcoin market dominance is an important factor, especially for altcoins to make positive moves. On the other hand, BTC dominance peaks when Bitcoin heads to a bottom or a top. This is related to the pressure experienced by altcoins.
Cowen says that, as in the previous bull cycle, BTCD tends to fall during major altcoin rallies but has the potential to return to its previous levels before a major drop. This means that troublesome days for altcoins may continue for a while.
He shares two scenarios for BTCD, which he expects to reach the 60% level. The first is an early date like September, and the second is a late date like December. At the time of writing, BTCD is around 57.36%, and 60% is not a distant target. Additionally, due to Ethereum’s strength, Cowen does not consider a return to the 70 levels likely.
Bull Cycle and BTCD
Another popular crypto analyst, Kaleo, mentions that Bitcoin market dominance may have already peaked. According to him, the 57.5% region is a reasonable point for the BTCD cycle peak. However, anything more could be painful.
“I didn’t exactly reach the expected 60% – which is a good thing because it would have been painful.”
The analyst also wrote that with a drop below 50%, the real bull season for altcoins would begin impressively. In December 2020, BTCD reached 70.23%, and by March 2021, BTC had surpassed $61,000 with a 220% increase.
Cowen says that BTCD should be considered in conjunction with USDT in this cycle. If we think this way, it exceeds 63%. The good news is that BTCD is largely at its peak, and as it weakens, it looks like altcoins will have days to breathe easier.
