$100,000 Bitcoin Likely To Trigger 2025 Altseason, According to Analyst Benjamin Cowen

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Daily Hodl2024/11/19 16:00

By:by Daily Hodl Staff

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.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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The crypto market has dipped in response to President Trump’s plan to enact steep tariffs on imported goods from Canada, Mexico, and China beginning on Tuesday.Canada and Mexico have ordered retaliatory tariffs in response, while China promised “corresponding countermeasures” and said it would file a lawsuit with the WTO.Memecoins were particularly hard-hit by the downturn, with many top coins seeing double-digit percentage drops. Trump’s memecoin has fallen nearly 30% over the past week.

The Block•2025/02/02 17:11