Crypto strategist Benjamin Cowen says the crypto market is entering one of the most “brutal” phases of its cycle.
Cows tells His 768,800 followers on the social media platform
“We’ve been talking about this phase of the market cycle for a while. Namely where BTC falls, but BTC dominance (BTC.D) rises, because altcoins fall more. It’s always the most brutal part of the market cycle.”
In a new YouTube strategy sessionCowen uses Fibonacci retracement levels to suggest that Bitcoin’s dominance is likely to peak at 60%, as it did during the previous cycle.
“I still believe in the 60%. It could be something else. For example, it could be 59%. It could be 63%. And some people say: what about stablecoins? I think the stablecoin market is the reason it doesn’t go to 65% or 70%.”
Bitcoin is trading at $27,464 at the time of writing and BTC.D is up 51.19%.
Cowen also weighs in between Ethereum (ETH) and Bitcoin predicts ETH/BTC will work its way to around the 0.037 level, which at the time of writing is around $1,016.
“The collapse of ETH/BTC continues. It’s been a pretty slow process so far (certainly slower than I expected), but the trend has actually been down for a long time.”
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Featured image: Shutterstock/agsandrew
