Fashionable crypto analyst Benjamin Cowen thinks the $100,000 Bitcoin worth level may usher in a shift in focus from BTC to altcoins.
Cowen notes in a brand new interview with David Lin that Bitcoin’s Worry and Greed Index, which tracks market sentiment over time with values starting from 0 to 100, simply surged previous 90, which signifies “excessive greed” within the crypto market.
Excessive values within the Worry and Greed Index can sign a possible worth correction.
Predicts Cowen,
“My guess is that there will likely be a interval the place [Bitcoin] dominance goes down, however there’s additionally a great likelihood… it may not occur till after Bitcoin breaches that [$100,000] milestone. It’s got to be a milestone that a variety of buyers bear in mind. I’ve to think about there are lots of people who don’t need to promote till Bitcoin hits $100,000. It does appear to me that it could possibly be a milestone that each time it’s hit, curiosity begins to go towards a number of the different cryptocurrencies, particularly if it corresponds with a transition from quantitative tightening to quantitative easing.”
Bitcoin is buying and selling at $92,137 at time of writing. The highest-ranked crypto asset by market cap is up practically 2% prior to now 24 hours.
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