With just 23 days until the Bitcoin Halving event, excitement is palpable across the cryptocurrency community. After a recent dip, Bitcoin is back on the rise, reclaiming the coveted $71,000 mark and sparking optimism among investors.
Notable cryptocurrency analyst Benjamin Cowen predicts that Bitcoin’s dominance is set to soar, potentially reaching 56% soon. Cowen attributes this expected rise to the upcoming halving event, suggesting that money currently invested in altcoins will gradually shift back to Bitcoin as the halving date approaches.
Cowen emphasizes the importance of keeping an eye on ALT/BTC pairs, indicating that Bitcoin may continue to be favored by investors until these pairs start to show signs of weakness. Currently sitting at 47%, a drop to 39% or lower could signal a potential peak for Bitcoin’s current uptrend.
Drawing parallels with past data, Cowen points out a recurring pattern seen in Bitcoin’s price movements during late March, with subsequent surges into April observed in both 2017 and 2021. This pattern suggests a potential trajectory for Bitcoin’s price in the coming weeks.
Also Read: Bitcoin Halving 25 Days Away: Will Price Hit $90,000 by Year-End?
Looking ahead, Cowen predicts a shift in the power dynamic between Bitcoin and Ethereum (ETH), forecasting Bitcoin’s dominance over Ethereum in the near future. This projection could lead to a breakdown in the ETH/BTC ratio, potentially stabilizing around 0.05 by the end of the year before rebounding.
As the week begins, Bitcoin maintains a positive momentum, trading around $70,404 and aiming to hold above the crucial $70,000 mark. Analysts believe that if Bitcoin manages to stay above $69,000, the BTC/USDT pair could surge towards the significant resistance level of $73,777. While breaking through this barrier might pose a challenge, a successful breach could propel the pair towards the $82,000 milestone.
Read More: Cryptocurrency Prices: How Bitcoin, Ethereum and XRP Prices Will Perform This Week
As the countdown to the halving event continues, everyone is watching Bitcoin’s movements closely for clues about the future direction of the industry.
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