Crypto strategist Benjamin Cowen says that the crypto market is entering one of the most “brutal” stages of its cycle.
Cowen tells his 768,800 followers on the social media platform X that Bitcoin’s (BTC) dominance, or its total share of the crypto market capitalization, is now going up as risk appetite for the asset class declines.
[adinserter block="1"]“We’ve been discussing this phase of the market cycle for a while. Namely, where BTC drops, but BTC dominance (BTC.D) goes up, because altcoins are dropping more. It is always the most brutal part of the market cycle.”
In a new YouTube strategy session, Cowen uses Fibonacci retracement levels to suggest that Bitcoin’s dominance will likely peak at the 60%, as it did last cycle.
“I’m still a believer in the 60%. It could be slightly different. Like, it could be 59%. It could be 63%. And some people say, Well, what about stablecoins? I think the stablecoin market is why it doesn’t go to 65% or 70%.”
Bitcoin is trading for $27,464 at the of writing and BTC.D is at 51.19%.
Cowen also weighs in on Ethereum (ETH) against Bitcoin, and predicts ETH/BTC will grind its way down to about the 0.037 level, which is about $1,016 at time of writing.
“ETH/BTC collapse continues. It has been a pretty slow process so far (certainly slower than I was expecting), but the trend has in fact been down for a long time.”
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