Since the start of the trading week on Monday, the Bitcoin market has been consolidating between $30,000 and $30,600, while altcoins have dragged down with negative returns. Bitcoin’s dominance valuation continues to eat into the valuation of the altcoin market, creating a more imbalanced sector.
Not surprisingly, stablecoins’ daily trading volume dominated the cryptocurrency market amid concerns about a possible capitulation. Moreover, experts believe that the Bitcoin market could rise another 10% from current levels once the 6-month candle closes with a bullish outlook.
Bitcoin Market Outlook
In a recent conversation with YouTuber David Lin, Benjamin Cowen said that there is a good chance that the price of Bitcoin could rise to $35,000 by the end of the year. If that happens, he expects the altcoin market, especially those denominated in Bitcoin, to bleed heavily.
However, the veteran cryptocurrency analyst noted that despite Bitcoin’s rising dominance, its price may be close to a bear market top. In addition, Bitcoin’s dominance may still increase despite the decline in its underlying price.
With a sharp drop in social media users in cryptocurrency-related forums and a decline in interest in crypto assets, Cowen expects Bitcoin to gain more value relative to most altcoins, including Ethereum.
Cowen said that cryptocurrency market data shows that despite the huge institutional interest in Bitcoin ETFs, the industry has not yet emerged from the bear market consolidation. In addition, the U.S. Securities and Exchange Commission (SEC) crackdown on altcoins has not yet provided clear crypto regulations in a region that controls 25% of global market activity.
