A famous cryptocurrency analyst thinks Bitcoin (BTC) is about to assert its dominance over the rest of the cryptocurrency markets.
In a new YouTube video, Benjamin Cowen tells his 768,000 subscribers that the Bitcoin Dominance (BTC.D) chart could soon rise to over 50% by the end of the year.
The BTC Dominance chart tracks how much of the total cryptocurrency market capitalization belongs to Bitcoin. A bullish dominance of BTC suggests that Bitcoin is growing faster than other cryptocurrencies, or that altcoins are losing value as major cryptocurrencies rise.
At the time of writing, BTC.D is hovering at 41.49%.
According to Cowen, BTC.D is currently in a long-term downtrend, but highlights that it is currently sitting at its diagonal support, suggesting that a strong rebound may be on the horizon.
“If you look at the general direction of this, it looks like it’s arguably downward… Maybe it’s building towards something we’re seeing the beginning. Maybe it comes back [to 58%] and come back down [to 40%]. “
According to Cowen, a surge in Bitcoin Dominance in the coming months could actually help set the stage for an altseason in the future. An altseason is a time when altcoins strengthen as Bitcoin consolidates.
“Everyone is talking about the altseason and whatnot, but to get a true altseason like we have seen in the bull markets of the past, many times a lot of the juice that comes from having already [Bitcoin] relatively high dominance.
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