The Bitcoin market consolidated between $30k and $30.6k since the trading week opened on Monday, while the altcoins dragged in negative returns. The Bitcoin Dominance valuation has continued to eat away that of the altcoin market, thus creating more imbalance in the industry.
Unsurprisingly, the stablecoins daily traded volume dominated the cryptocurrency market amid fears of possible capitulation. Moreover, experts have argued that the Bitcoin market is likely to rally another 10 percent from current levels once the 6-month candle closes in a bullish outlook.
Bitcoin Market Outlook
According to Benjamin Cowen, in a recent conversation with YouTuber David Lin, Bitcoin price has a high chance of rallying toward $35k before the end of this year. If such a scenario plays out, he expects the altcoin market, especially those denominated in Bitcoin, to bleed profusely.
However, the veteran crypto analyst noted that Bitcoin price could be approaching its bear market top, despite the dominance rallying higher. Moreover, Bitcoin’s dominance can increase despite the underlying BTC price declining in value.
With declining interest in crypto assets as depicted by a significant drop in social media users in crypto-related forums, Cowen expects Bitcoin to gain more value in relation to most altcoins including Ethereum.
According to Cowen, the crypto market data suggest that the industry is yet out of the bear market consolidation despite the huge institutional interest through Bitcoin ETFs. Moreover, the SEC’s crackdown on altcoins is yet to provide clear crypto regulations in a region that controls 25 percent of global market activities.
