Glassnode co-founders predict a potential altcoin rally, fueled by a bearish turn in Bitcoin dominance. They suggest altcoins could outperform Bitcoin in the coming weeks, particularly if Bitcoin consolidates above $16,000. However, they caution that cryptocurrency markets remain highly volatile.
Crypto analyst Benjamin Cowen has highlighted similarities between Bitcoin’s current price action and previous cycles, suggesting potential challenges for the cryptocurrency. He notes Bitcoin’s struggle to stay above support bands and a ‘death cross’ pattern, similar to the 2019 cycle, indicating a possible downtrend. Cowen also emphasizes the importance of Bitcoin dominance, which remains below 60%, suggesting a potential range-bound market.
Bitcoin analyst Benjamin Cowen predicts Bitcoin dominance, its market share within the cryptocurrency space, will surge to 60% by the end of 2024. This rise, he argues, is driven by tighter monetary policies that favor Bitcoin over altcoins. However, Cowen anticipates a reversal in 2024, with looser monetary policies potentially leading to an ‘alt season’ where altcoins outperform Bitcoin.
