Crypto Markets Facing Toughest Phase, Claims Analyst Benjamin Cowen
Benjamin Cowen: Crypto Market Navigates Its Most Challenging Phase
"On platform X, Benjamin Cowen informs his 768,800 followers about the rise in Bitcoin's (BTC) market dominance despite its price drop, highlighting the steeper decline of altcoins. He emphasizes that this is the toughest phase in the crypto market cycle.
In his latest YouTube session, Benjamin Cowen analyzes Bitcoin's dominance using Fibonacci retracement, predicting it might peak around 60% as seen in the previous cycle. He mentions the influence of stablecoins preventing it from reaching 65%-70%. Currently, Bitcoin trades at $27,464 with a dominance of 51.19%. Cowen also discusses Ethereum's performance against Bitcoin, forecasting the ETH/BTC ratio to decline to approximately 0.037, equivalent to $1,016 at the moment. He notes the ongoing downward trend of ETH/BTC, albeit slower than anticipated.
Oct 10, 2023
