Famous Analyst Gives Date for Altcoin Rally as Bitcoin Rises!
While the price of Bitcoin (BTC) has been targeting $70,000 recently, top altcoins such as Ethereum (ETH), BNB, and Solana (SOL) are also showing a revival.
However, popular crypto analyst Benjamin Cowen has warned that an altcoin rally is unlikely to occur in the fourth quarter of this year.
According to Cowen, the main reasons for this include the decline in net liquidity and the strengthening of the US Dollar Index (DXY).
Cowen predicts that Bitcoin’s market dominance will peak around 60% between September and December 2024 and could surpass that milestone. He predicts that this uptrend will end in January 2025.
Cowen also noted that different market conditions, such as interest rate cuts and the resumption of quantitative easing (QE) in 2025, could change the dynamics for altcoins.
In this context, there are hopes that Donald Trump’s chances of winning the US Presidential election are increasing and that this could change cryptocurrency regulations seen under the Biden administration. These political changes could have significant impacts on the crypto market.
Meanwhile, demand for spot Bitcoin ETFs has surged this week, with BlackRock Bitcoin ETF (IBIT) in particular leading the way, bringing its total inflows to over $22.5 billion.
Additionally, Vetle Lunde, Head of Research at K33 Research, reported that US spot ETFs’ assets under management exceeded 950,000 BTC, reaching a new all-time high.
Bitcoin whale transactions also saw a significant increase earlier this week, reaching a 10-week high with 11,697 transfers.
Additionally, social media discussions have shifted more toward Bitcoin than altcoins. According to Santiment, the leading cryptocurrency accounts for more than a quarter of all crypto-related conversations.
These developments show that Bitcoin is in a more dominant position compared to altcoins and continues to attract the attention of investors.
Therefore, investors need to carefully monitor market conditions and potential economic or political changes, which can be critical in shaping their investment strategies.