Benjamin Cowen thinks Bitcoin dominance (Bitcoin’s share of the total crypto market) is setting up for a bounce in September and October.
Right now, Bitcoin’s price has slipped, but altcoins haven’t gained much ground against it. They look like they’re holding up, but Cowen expects that won’t last long. His base case is that money will rotate back into Bitcoin in September, pulling dominance higher.
Even with rate cuts likely coming from the Fed, he doesn’t think that will be enough to keep altcoins strong. The issue is that interest rates are still above the “neutral rate” that would signal true economic support. Until rates fall further, altcoins are more likely to weaken.
Looking at past years, Bitcoin dominance often reverses course in September. Cowen expects that same seasonal pattern again this year. That means altcoins - including Ethereum - may show weakness in the fall.
Bottom line: Bitcoin dominance has dropped a lot recently, but Cowen believes the trend will flip soon. If history is a guide, September and October could bring a strong move back into Bitcoin at the expense of altcoins.
