Popular crypto analyst Benjamin Cowen thinks the $100,000 Bitcoin price point could usher in a shift in focus from BTC to altcoins.
Cowen notes in a new interview with David Lin that Bitcoin’s Fear and Greed Index, which tracks market sentiment over time with values ranging from 0 to 100, just surged past 90, which indicates “extreme greed” in the crypto market.
High values in the Fear and Greed Index can signal a potential price correction.
Predicts Cowen,
“My guess is that there will be a period where [Bitcoin] dominance goes down, but there’s also a good chance… it might not happen until after Bitcoin breaches that [$100,000] milestone. It has got to be a milestone that a lot of investors have in mind. I have to imagine there are a lot of people who don’t want to sell until Bitcoin hits $100,000. It does seem to me that it could be a milestone that whenever it’s hit, interest starts to go toward some of the other cryptocurrencies, especially if it corresponds with a transition from quantitative tightening to quantitative easing.”
Bitcoin is trading at $92,137 at time of writing. The top-ranked crypto asset by market cap is up nearly 2% in the past 24 hours.
Generated Image: DALLE3