Famous market analysts Peter Brandt and Benjamin Cowen, Bitcoin He caused controversy in the cryptocurrency community with his recent assessments of the course of its dominance. Brandt: “What if there won’t be an altcoin season?” The chart he presented with the question highlights a potential upward scenario in Bitcoin dominance. Currently at 54.27%, Brandt suggests that Bitcoin dominance could increase to 66.32% according to technical analysis models.
If this scenario occurs, it may indicate a change in liquidity flows. While Bitcoin attracts most of the investments, altcoins attract attention may be difficult.
What if there won’t be an altcoin season? pic.twitter.com/Cuolom5fEV
— Peter Brandt (@PeterLBrandt) April 8, 2024
NEWS CONTINUES BELOW
2019 vs. 2024
Additionally, Cowen provided further analysis regarding historical trends that point to a potential continuation of BTC’s dominance. Drawing similarities with previous market cycles, Cowen pointed out that Bitcoin dominance remained high during periods of interest rate cuts and quantitative easing (QE). Cowen after Bitcoin reached its peak altcoin Arguing that the assumption that its dominance is increasing may not be true, he cites historical examples where BTC dominance increased even when Bitcoin’s price reached its peak.
The comparison between the current market outlook and 2024 compared to 2019 is very important. New peaks were not reached in 2019. But in 2024, Bitcoin reached unprecedented levels. Cowen’s perspective challenges the conventional wisdom that rolling BTC investments into other altcoins can yield positive results. Instead, he suggests that altcoins may continue to lose value against Bitcoin.
As a result, while some investors await opportunities for altcoins to outperform, Brandt and Cowen’s perspectives point to a potentially long-term Bitcoin dominance.
You can access current market movements here.
