April will be a “very interesting month” for Bitcoin and cryptocurrencies, says Benjamin Cowen – that’s what he means
Analyst Benjamin Cowen gives his forecast for Bitcoin (BTC) and the crypto market for the coming month.
Cowen tells his 796,000 YouTube subscribers in a new video that he thinks “April will be a very interesting month” for the crypto industry.
“I expect a lot of volatility in April, especially as alt/Bitcoin pairs start to turn heads, especially as Bitcoin dominance potentially starts to break out.”
Bitcoin is trading at $70,083 at the time of writing.
According to Cowen, market sentiment will turn bearish if Bitcoin Dominance (BTC.D), which measures Bitcoin's share of crypto markets, increases by just over five percentage points from current levels.
In a bearish environment, a rising BTC.D suggests that altcoins are losing value faster than Bitcoin.
“We’re getting pretty close. The range we are looking at here is 55.3%. So above 55.3% that could be a warning sign. This could be the signal of risk aversion for the summer. And that’s what I would look for in the summer months.”
Bitcoin dominance stands at 49.6% at the time of writing.
The widely followed analyst says whether Bitcoin peaks early in 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.
“Whether this is a normal cycle peak or a left-translated peak will likely depend on what happens in the fourth quarter (Q4) of this year.” That's my view. If Bitcoin crashes in the fourth quarter in a recession-like environment because the unemployment rate just goes up… if that happens and we get some kind of mild recession and then the Federal Reserve just starts printing again, then why not another one? Rally in 2025?”
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