April Will Be a ‘Very Interesting Month’ for Bitcoin and Crypto, Says Benjamin Cowen – Here’s What He Means
Analyst Benjamin Cowen is putting out his forecast for Bitcoin (BTC) and the crypto market over the coming month.
Cowen tells his 796,000 YouTube subscribers in a new video that he thinks “April is going to be a very interesting month” for the crypto industry.
“I expect a ton of volatility in April especially as alt/Bitcoin pairs are starting to roll over, especially as Bitcoin dominance is potentially starting to break out.”
Bitcoin is trading at $70,083 at time of writing.
According to Cowen, the sentiment in the market will turn bearish if Bitcoin dominance (BTC.D), which measures Bitcoin’s share of the crypto markets, rises by a little over five percentage points from the current level.
In a bearish environment, a rising BTC.D suggests that altcoins are losing value faster than Bitcoin.
“We are getting pretty close. The range here that we’re looking at is 55.3%. So above 55.3%, that could be the warning sign. That could be the risk-off signal for the summer. And that’s what I would be looking at going into the summer months.”
The Bitcoin dominance level is at 49.6% at time of writing.
The widely followed analyst says that whether Bitcoin peaks early during this cycle (left-translated peak) or peaks more than a year after the halving (normal cycle peak), will likely be determined by US monetary policy.
