“Bitcoin’s dominance is poised to soar as the hype surrounding altcoins proves to be nothing more than a false illusion, according to a top expert.”
Market analyst Benjamin Cowen, known for his expertise and a PhD in engineering, has delivered a candid assessment of the cryptocurrency landscape. In recent social media posts, Cowen challenged the prevailing optimism surrounding altcoins while offering a realistic perspective on Bitcoin’s future.
According to Cowen, Bitcoin’s dominance has remained consistently strong throughout 2023, with no weekly close below its bull market support band. This stability, he argues, has debunked the recurring narrative of an impending “alt season,” as previously each surge in alternative to Bitcoin cryptocurrencies has been short-lived, ending in a decline within weeks.
Cowen’s analysis further revealed a sobering truth for altcoin enthusiasts. Major players like SOL, ETH, AVAX, and ADA consistently trailed behind Bitcoin in performance throughout the year. Even as the fourth quarter unfolds, Cowen remains cautious, indicating that substantial altcoin gains are unlikely.
Despite acknowledging that Bitcoin’s price chart might not exhibit extraordinary peaks too, Cowen remains unperturbed. He agrees that every alt season narrative has coincided with a local top for both BTC and altcoins, suggesting that expectations need to be grounded in reality.
Expert’s overall outlook for the crypto market, especially altcoins, is pessimistic until the summer of 2024. He attributes this bearish sentiment to a draining liquidity trend affecting various financial markets, including the crypto sphere.
However, the analyst does hold out a glimmer of hope, indicating that a potential market transformation could occur if the U.S. Federal Reserve adjusts its monetary policy toward quantitative easing or, in simpler words, starts printing money again.
About the author:
Gamza Khanzadaev is a financial analyst, trader, and crypto enthusiast. He has a degree in finance and credit with a specialization in securities and financial derivatives, and he has also completed a master’s program in banking and asset management. Khanzadaev aims to cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.