There is great movement in the cryptocurrency world and analysts are focused on scenarios where the altcoin bull may begin. The views of two important analysts who have attracted attention recently may be instructive for investors. Analysts known as Benjamin Cowen and il Capo are trying to predict the course of the markets with their evaluations about Bitcoin and the altcoin market.
Benjamin Cowen: These two factors can trigger the altcoin bull
Cryptocurrency analyst Benjamin Cowen discussed two important factors necessary for the start of the altcoin bull in a YouTube video he published on August 9. Among these factors, Cowen indicated a return confirmation in the Ethereum/Bitcoin (ETH/BTC) parity and the decline of Bitcoin dominance (BTC.D) reaching a saturation point. Cowen reiterated this theory that he has been focusing on for years and emphasized that these two elements should be taken into consideration for the altcoin bull.
Cowen stated that the declines in the ETH/BTC parity will continue to the 0.03-0.04 levels and that a possible recovery will begin when these levels are reached. This level is a range that the analyst predicted years ago, and this prediction finally came true when the 0.04 level was seen in the ETH/BTC parity. Cowen believes that this return of ETH/BTC can have a high positive effect on the entire altcoin market.
ETH/Bitcoin parity is quite critical
“When we talk about the altcoin market, the ETH/Bitcoin valuation can give us important clues about the performance of altcoins,” said Cowen, indicating that altcoins can continue to gain value against Bitcoin. Cowen, who has been advocating this theory especially for the last two and a half years, said that altcoins will gain value against Bitcoin when the ETH/BTC parity reaches the 0.03-0.04 BTC range. Now, stating that the upper target of this range has been reached, the analyst points out that the altcoin market may exhibit a positive performance in the coming period.
Cowen also predicts that Bitcoin dominance may peak in September and that there will be an outflow of money from Bitcoin after this point. This outflow may lead to the start of the altcoin bull by providing billions of dollars of liquidity to the altcoin market. “I think Bitcoin dominance may peak in September, but this peak may also occur in December,” he said, adding that altcoins should be monitored carefully during this process.
il Capo: Bitcoin rise and altcoin performance
Cryptocurrency analyst il Capo made important assessments about the state of Bitcoin and the general crypto market in his latest analyses. Generally known as a bearish analyst, il Capo recently left this attitude behind and expressed his belief that Bitcoin may experience a significant rise. He also predicted a similar rise for altcoins.
il Capo stated that the fact that the Bitcoin price managed to reclaim $ 60,000 was a development in favor of the bull. According to the analyst, for this rise to be fully confirmed, the BTC price must exceed $ 69,000 and rise above the descending channel. In this case, he believes that the structure formed by the lower peaks will also be broken. Thus, with Bitcoin reclaiming the $ 60,000 level, it is likely that altcoins will also perform well.
The analyst defines the range of $ 74,000 to $ 79,000 as the liquidity zone of the BTC price. In his previous statements, he had stated the range of $ 58,000 to $ 60,000 as the liquidity zone and predicted that the rise could begin after a possible decline to this level. However, the BTC price fell to $ 49,000 during the decline.
What are the factors that guide the markets?
In the cryptocurrency market, both Benjamin Cowen and il Capo’s analyses offer important clues for investors. Cowen highlights the return in the ETH/BTC parity and the possible peak in Bitcoin dominance as critical factors for the altcoin bull, while il Capo argues that altcoins will also follow a positive trend if Bitcoin exceeds certain levels.
These analyzes are among the developments that should be followed carefully by those investing in the cryptocurrency market. Especially with the increasing interest in altcoins, the movements of leading cryptocurrencies such as Bitcoin and Ethereum can play a general direction-determining role in the market. It is of great importance for investors to include the information they obtain from these analyzes in their strategies and closely follow the developments in the market.
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