Benjamin Cowen predicts Bitcoin to outperform altcoins soon

Crypto analyst Benjamin Cowen predicts that Bitcoin (CRYPTO:BTC) will outperform altcoins in the coming months, suggesting that Bitcoin will maintain its leadership in the cryptocurrency market with rising dominance.

Cowen emphasizes that Bitcoin’s dominance will increase as altcoins struggle against the leading digital asset.

He analyzes Ethereum’s (ETH) performance against Bitcoin using the ETH/BTC trading pair to gauge the relative strength of altcoins.

According to Cowen, Ethereum’s current performance, as the largest altcoin, reflects the broader trend of altcoins losing ground to Bitcoin.

Cowen predicts that Bitcoin’s market dominance (BTC.D), which measures Bitcoin’s market cap relative to all cryptocurrencies, could soon reach 60%, marking a continued decline for altcoins compared to BTC.

“I believe BTC.D will reach 60% in the fourth quarter, causing a drop in Altcoin/BTC pairs. This occurred in the last cycle during Bitcoin’s rally followed by a downturn,” Cowen explains, emphasizing how Bitcoin’s rise in market dominance could negatively impact altcoins.

A key factor in Cowen’s analysis is Bitcoin’s resistance level between $63,000 and $64,000, which aligns with its 200-day moving average.

If Bitcoin surpasses this resistance level, Cowen suggests it could trigger a strong rally, pushing Bitcoin to new heights.

“The range of $63,000 – $64,000 will be significant. If Bitcoin surpasses this level and reaches a new high, the likelihood of continued growth in the fourth quarter increases,” he adds.

Traders are advised to monitor Bitcoin’s movements closely, as any significant changes could reshape the market landscape heading into the fourth quarter.

At the time of writing, the Bitcoin price was $62,564.90.