David Edwards
Renowned cryptocurrency analyst Benjamin Cowen suggests that Bitcoin hitting the $100,000 mark may serve as a catalyst for a major shift in market dynamics, diverting investor focus from Bitcoin to altcoins.
In a recent interview with David Lin, Cowen pointed to Bitcoin’s Fear and Greed Index, a sentiment tracker ranging from 0 (extreme fear) to 100 (extreme greed), which recently surpassed 90. This level indicates “extreme greed,” often seen as a precursor to potential price corrections.
Cowen outlined his predictions, stating:
“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, currently trading at $92,137, has climbed nearly 2% in the last 24 hours. As the top-ranked cryptocurrency continues its ascent, analysts like Cowen emphasize the psychological significance of the $100,000 price threshold and its potential to redefine the crypto landscape heading into 2025.
