Key Takeaways
Bitcoin (
$97,890.00 ) ’s market dominance has reached 60%, suggesting altcoins may not rally until 2025.
Altcoin rallies historically follow strong Bitcoin ( $97,890.00 ) rallies, but a parabolic Bitcoin ( $97,890.00 ) run is needed for this.
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Benjamin Cowen, predicts that a full-fledged altcoin season may not materialize until 2025, attributing this to the current strength in Bitcoin ( $97,890.00 ) and prevailing market dynamics, in his latest YouTube video.
“Altcoins have been steadily losing ground to Bitcoin ( $97,890.00 ) , and I believe altcoins won’t have a sustained season until 2025,” Cowen said. “Historically, alt seasons follow a strong Bitcoin ( $97,890.00 ) rally, so unless Bitcoin ( $97,890.00 ) experiences a parabolic run, we might not see an alt season.”
According to Cowen, Bitcoin ( $97,890.00 ) ’s dominance, which recently hit 60%, is likely to keep altcoins under pressure for the foreseeable future, with many altcoin pairs reaching new lows against Bitcoin ( $97,890.00 ) .
Cowen argues that Bitcoin ( $97,890.00 ) ’s recent price behavior aligns with its historical cyclical patterns, which typically favor Bitcoin ( $97,890.00 ) over altcoins, especially in halving years.
He pointed to Bitcoin ( $97,890.00 ) ’s potential for further gains if it sustains a close above $70,000 on the weekly chart.
Conversely, should Bitcoin ( $97,890.00 ) fall below that level, he suggested the “monetary policy view” would then prevail, signaling potential softness in both Bitcoin ( $97,890.00 ) and altcoins alike.
While discussing altcoin pairs, Cowen emphasized their ongoing struggle, noting that altcoins typically lag behind Bitcoin ( $97,890.00 ) during periods of increased dominance.
Until Bitcoin ( $97,890.00 ) experiences a significant rally and investors begin taking profits, Cowen sees little catalyst for a sustained altcoin surge.
Ultimately, Cowen suggests that Bitcoin ( $97,890.00 ) ’s path for the rest of 2024 hinges on its ability to hold above $70,000, with upcoming labor market data poised to play a decisive role.
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