The leading cryptocurrency,
Bitcoin
(CRYPTO:
BTC
), is trading near the $113,000 mark. Market observers anticipate a resurgence in Bitcoin’s dominance over the next few weeks.
Key Developments:
Crypto market analyst Benjamin Cowen
foresees
a notable increase in Bitcoin’s dominance throughout October. This shift is expected to initiate a “final rotation” of capital back into Bitcoin before another upward trend in altcoins occurs.
Cowen suggests the low point for September, around 57.17%, has already been established. This mirrors patterns that emerged in both 2017 and 2020.
With current dominance levels close to 58%, a potential climb toward 63%-64% is in sight, or at the very least, a return to the 20-week moving average.
Cowen detailed three potential scenarios, all pointing towards increased Bitcoin dominance:
-
A drop below the 20-week SMA could reinforce Bitcoin’s dominance.
-
Consolidation around the existing support level would favor Bitcoin compared to alternative cryptocurrencies.
-
An upward push toward record highs could similarly boost Bitcoin dominance, consistent with past market movements.
More Insight:
Bitcoin’s Q3 Performance Trails Ethereum by 60%: Which Coin Could Lead in Q4?
The Significance:
Historically, October has proven to be a particularly favorable month for Bitcoin’s market share.
Cowen pointed out that dominance gains average +4.8% during October, marking it as the month with the greatest potential for growth.
He advised against anticipating an immediate surge in altcoins, citing reduced social media discussion and frequent rejections of altcoin trends as significant challenges.
He specified key levels that would invalidate his prediction: a fall in Bitcoin dominance below the 55%-56% range.
Overall, Cowen expresses optimism for the coming five weeks, positioning October as a phase led by Bitcoin before altcoins regain momentum later during this bull market cycle.
Up Next:
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This article,
Bitcoin Primed for Potential Rise to $113,000 as Analyst Predicts Final Dominance Surge
, originally appeared on
Benzinga.com
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