BTC Dominance Signal Shifting Investor’s Interest From Altcoin To Bitcoin, Here Is Why
The post BTC Dominance Signal Shifting Investor’s Interest From Altcoin To Bitcoin, Here Is Why appeared first on Coinpedia Fintech News
As the Bitcoin Halving is just 23 days away, bitcoin has begun to show its rise again. Following a period of decline, the cryptocurrency recaptured the $71,000 mark.
In the meantime, crypto analysts Benjamin Cowen suggest that Bitcoin’s upward momentum signals a potential shift in market selection, with the cryptocurrency poised to draw liquidity away from altcoins as its dominance continues to soar.
Weakening ALT/BTC Pairs
Cryptocurrency analyst Benjamin Cowen foresees a surge in Bitcoin dominance, expecting it to reach 56% shortly. He attributes this projected increase to the upcoming halving event, suggesting that liquidity from altcoins will flow into Bitcoin as the event draws closer.
Cowen also emphasizes the importance of monitoring ALT/BTC pairs, indicating that BTC may remain a preferred choice for investors until these pairs show signs of weakening. Currently, ALT/BTC pairs are at 47%, but a decrease to 39% or below could signal a local top for Bitcoin.
Reflecting on historical patterns, Cowen notes that in both 2017 and 2021, Bitcoin experienced a local low in the latter half of March before rallying into April. This observation suggests a potential recurring trend in Bitcoin’s price movements during this period.
Shift in ETH/BTC Ratio
Additionally, Cowen predicts Bitcoin’s strength will surpass Ethereum (ETH) in the coming weeks, potentially causing the ETH/BTC ratio to break down. He predicts that once the ratio falls to 0.03-0.04, it could stabilize at the 0.05 level until the end of the year, before rebounding.
Bitcoin price analysis
Bitcoin has begun the week positively and is hovering around $70,404 and aiming to stay above the $70,000 mark.
However, some analysts foresee, that if the price remains above $69,000, the BTC/USDT pair could surge to the key resistance level of $73,777. While this level poses significant resistance, a successful breakthrough could propel the pair to $82,000
BTC Dominance Signal Shifting Investor’s Interest From Altcoin To Bitcoin, Here Is Why
The post BTC Dominance Signal Shifting Investor’s Interest From Altcoin To Bitcoin, Here Is Why appeared first on Coinpedia Fintech News
As the Bitcoin Halving is just 23 days away, bitcoin has begun to show its rise again. Following a period of decline, the cryptocurrency recaptured the $71,000 mark.
In the meantime, crypto analysts Benjamin Cowen suggest that Bitcoin’s upward momentum signals a potential shift in market selection, with the cryptocurrency poised to draw liquidity away from altcoins as its dominance continues to soar.
Weakening ALT/BTC Pairs
Cryptocurrency analyst Benjamin Cowen foresees a surge in Bitcoin dominance, expecting it to reach 56% shortly. He attributes this projected increase to the upcoming halving event, suggesting that liquidity from altcoins will flow into Bitcoin as the event draws closer.
Cowen also emphasizes the importance of monitoring ALT/BTC pairs, indicating that BTC may remain a preferred choice for investors until these pairs show signs of weakening. Currently, ALT/BTC pairs are at 47%, but a decrease to 39% or below could signal a local top for Bitcoin.
Reflecting on historical patterns, Cowen notes that in both 2017 and 2021, Bitcoin experienced a local low in the latter half of March before rallying into April. This observation suggests a potential recurring trend in Bitcoin’s price movements during this period.
Shift in ETH/BTC Ratio
Additionally, Cowen predicts Bitcoin’s strength will surpass Ethereum (ETH) in the coming weeks, potentially causing the ETH/BTC ratio to break down. He predicts that once the ratio falls to 0.03-0.04, it could stabilize at the 0.05 level until the end of the year, before rebounding.
Bitcoin price analysis
Bitcoin has begun the week positively and is hovering around $70,404 and aiming to stay above the $70,000 mark.
However, some analysts foresee, that if the price remains above $69,000, the BTC/USDT pair could surge to the key resistance level of $73,777. While this level poses significant resistance, a successful breakthrough could propel the pair to $82,000