Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
Bitcoin’s (CRYPTO: BTC) continued dominance over the crypto market is setting the stage for a potential rally to new highs, with traders eyeing $93,000 in the near term.
What Happened: In a podcast published on Tuesday, crypto analyst Benjamin Cowen emphasized that Bitcoin dominance is surging, breaking out of a multi-year wedge and currently sitting at 63.08%, or nearly 69% excluding stablecoins.
He argues that in an environment of quantitative tightening by the Federal Reserve, Bitcoin offers better risk-adjusted returns compared to altcoins.
“Every dollar in an altcoin is a dollar not in Bitcoin,” Cowen warned, adding that altcoin valuations remain too high relative to BTC and may have further downside before any true alt season can begin.
Don’t Miss:
Historically, altcoin rallies start from range lows in the alt/BTC ratio, which is still elevated, suggesting Bitcoin will remain the stronger bet until macro conditions shift, likely when the Fed pivots to easing.
What’s Next: Crypto trader Bluntz Capital spotted an ABC pattern forming on Bitcoin’s hourly chart, signalling a potential new bullish trend. He predicts a rally to above $88,000, with further upside open to speculation.
An ABC pattern implies the start of a new trend, retracement or pullback from an initial trend and continuation from there.
Trader Pump Truck believes Bitcoin is on track for $92,000–$93,000, with $90,000 acting as a likely short trap that could fuel a sharp squeeze higher.
