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Bitcoin's (CRYPTO: BTC) weekend rally to $116,000 pushed its market dominance to 59% — a move that crypto analyst Benjamin Cowen says marks the start of an "explosive phase" for BTC dominance.
What Happened: Cowen noted Bitcoin dominance has risen steadily from 57% in early September to its current level, logging six straight weeks of gains.
Historically, dominance bottoms in September before accelerating into year-end during bull markets.
"I think dominance is going to explode past the bull market support band," Cowen said.
He dismissed fears that Fed rate cuts could weaken Bitcoin's lead, pointing out that dominance actually rose from 57% to 66% during the 2024 easing cycle.
The only short-term risk, he added, would be if the Fed ends quantitative tightening at its upcoming Oct. 29 meeting.
Also Read: Bitcoin Dips Below $115,000 As Ethereum, Dogecoin, XRP Consolidate Weekend Gains
Why It Matters: Bitcoin's weekly close above both its 20-week moving average ($113,400) and bull market support band ($115,500) reinforces the bullish structure.
Cowen described it as "a solid weekly close" that preserves the bull market's structure, noting that historically, two straight weekly closes below the 50-week moving average, now near $113,000, have typically marked cycle tops.
While Cowen maintains that "narrative follows price," he warned that altcoin pairs could keep bleeding as capital rotates back into Bitcoin in what he calls the cycle's "final rotation."
He added that as long as the 2-year Treasury yield stays above 3.5%, monetary policy remains restrictive, a condition historically supportive of Bitcoin dominance gains.
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Image: Shutterstock
Posted In: $BTC
