Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Altcoin Season unlikely before 2025, says crypto analyst Benjamin Cowen

Altcoin Season unlikely before 2025, says crypto analyst Benjamin Cowen

Cryptobriefing2024/11/01 11:00
By:Cryptobriefing

Key Takeaways

  • Bitcoin's market dominance has reached 60%, suggesting altcoins may not rally until 2025.
  • Altcoin rallies historically follow strong Bitcoin rallies, but a parabolic Bitcoin run is needed for this.

Benjamin Cowen, predicts that a full-fledged altcoin season may not materialize until 2025, attributing this to the current strength in Bitcoin and prevailing market dynamics, in his latest YouTube video .

“Altcoins have been steadily losing ground to Bitcoin, and I believe altcoins won’t have a sustained season until 2025,” Cowen said. “Historically, alt seasons follow a strong Bitcoin rally, so unless Bitcoin experiences a parabolic run, we might not see an alt season.”

According to Cowen, Bitcoin’s dominance, which recently hit 60%, is likely to keep altcoins under pressure for the foreseeable future, with many altcoin pairs reaching new lows against Bitcoin.

Cowen argues that Bitcoin’s recent price behavior aligns with its historical cyclical patterns, which typically favor Bitcoin over altcoins, especially in halving years.

He pointed to Bitcoin’s potential for further gains if it sustains a close above $70,000 on the weekly chart.

Conversely, should Bitcoin fall below that level, he suggested the “monetary policy view” would then prevail, signaling potential softness in both Bitcoin and altcoins alike.

While discussing altcoin pairs, Cowen emphasized their ongoing struggle, noting that altcoins typically lag behind Bitcoin during periods of increased dominance.

Until Bitcoin experiences a significant rally and investors begin taking profits, Cowen sees little catalyst for a sustained altcoin surge.

Ultimately, Cowen suggests that Bitcoin’s path for the rest of 2024 hinges on its ability to hold above $70,000, with upcoming labor market data poised to play a decisive role.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like