Bitcoin's dominance in the cryptocurrency market is on the rise, fueling speculation about a potential rally to new highs. Recent analysis indicates a growing preference for Bitcoin among investors.
Crypto analyst Benjamin Cowen highlighted Bitcoin's increasing dominance, suggesting it offers better risk-adjusted returns compared to altcoins, particularly in light of the Federal Reserve's quantitative tightening policies. Cowen cautioned that altcoin valuations might be inflated relative to Bitcoin.
Several traders have also weighed in on Bitcoin's potential. Bluntz Capital observed an ABC pattern on Bitcoin's hourly chart, hinting at a possible bullish trend. Pump Truck anticipates Bitcoin reaching the $92,000-$93,000 range.