Benjamin Cowen says the long-expected rotation from altcoins to Bitcoin is already underway. While many traders still hope for “alt season,” he argues the data shows capital is flowing back to BTC — just as it did in 2017 and 2020.
Cowen’s Outlook – Key Points
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Dominance is climbing – Bitcoin dominance bottomed near 57% in September and has already risen to 59%, confirming the shift toward BTC.
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History repeating – In both 2017 and 2020, October saw dominance jump from 59% to 64%, followed by a Bitcoin-led rally.
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Altcoins are bleeding – On their BTC pairs, most alts have been sliding since September, showing clear weakness.
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No real alt season yet – Every supposed “alt season” this cycle (ETH merge, Solana run, meme coin boom) ended with lower highs.
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Bitcoin leads the bull market – Cowen insists that BTC must lead; when altcoins start outperforming, it usually signals the end of the cycle.
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Liquidity flows to the king – Rising dominance means market confidence is consolidating around Bitcoin, not dispersing across alts.
Final Takeaway
Cowen believes the “final rotation” into Bitcoin has already started. Altcoins may rally later, but for now, the smart move is to follow liquidity — and that’s heading straight to BTC.
