Benjamin Cowen updates his long-held view that Bitcoin dominance is still in an uptrend. Despite a recent pullback, he sees signs that dominance could rise again - especially if we’re heading into a deeper bear market or if Bitcoin stages another rally. Either way, he believes altcoins are likely to keep bleeding.
Cowen’s Outlook – Key Points
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Dominance Pullback is Normal – Past cycles also showed temporary drops in Bitcoin dominance during Q4 before moving higher. Cowen sees this current dip as part of a repeating pattern.
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Altcoins Still Weak – He argues that even if Bitcoin drops further, alts will drop more. If Bitcoin rallies, it will likely lead the move, leaving altcoins behind.
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Macro Support for Dominance – Bitcoin dominance surged in prior cycles during tight monetary phases. Cowen expects a similar outcome now, especially if the top is already in.
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Double Bottom for Alts Possible – Many alt-BTC pairs (like SOL, XRP) show a pattern of bottoming in summer and Q4. December could bring another leg down.
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Caution on Rally Hopes – Cowen says the cycle might be over, but even in that case, Bitcoin could still see a bounce back to the 200-day MA before heading lower.
Final Takeaway
Cowen remains firm: whether Bitcoin goes up or down, dominance is likely to rise. Altcoins may still have another leg down, and Bitcoin remains the safer bet in both bullish and bearish scenarios.
