Analyst Benjamin Cowen has announced his predictions for Bitcoin (BTC) and the cryptocurrency market next month.
In a new video, Cowen told his 796,000 YouTube subscribers that he thinks “April is going to be a very interesting month” for the crypto industry.
“We expect significant volatility in April, especially as the alt/Bitcoin pair begins to roll over and Bitcoin’s dominance may start to break.”
At the time of writing, Bitcoin is trading at $70,083.
Cowen said market sentiment would turn bearish if Bitcoin Dominance (BTC.D), which measures Bitcoin's share of the cryptocurrency market, rose more than 5% from current levels.
In a bearish environment, the rise in BTC.D suggests that altcoins are losing value faster than Bitcoin.
“We're getting pretty close. The range we're looking at here is 55.3%. So anything above 55.3% could be a red flag. It could be a risk-off signal heading into the summer. And that's what I'm thinking about going into the summer.”
At the time of writing, Bitcoin's dominance level is 49.6%.
Widely followed analysts believe whether Bitcoin will peak early in this cycle (a left translation peak) or more than a year after the halving (a normal cycle peak), most likely in the US. He said that it would be determined by the country's monetary policy.
“Whether that's a normal cycle peak or a peak that's shifted to the left will probably depend on what happens in the fourth quarter (Q4) of this year. That's my view. Unemployment. If Bitcoin in the fourth quarter is crashing in a recession-like environment because it's trending up…that's going to happen and we're going to have some sort of mild recession-like situation and then the Federal Reserve… If we’re going to start printing again, why not just issue another Bitcoin and rally in 2025?”
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