Crypto analyst Benjamin Cowen expects a bearish month for Bitcoin (CRYPTO: BTC) in August, which could lead to fresh lows for altcoins.
What Happened: In a July 21 podcast, Cowen maintains that altcoins remain elevated when measured against BTC, citing his custom indicator, “Total3 minus USDT divided by Bitcoin”, which suggests further downside for altcoins.
According to Cowen, even when Bitcoin dominance hit 60% in October 2024, altcoins were still trading 27%–28% above their historical range lows.
“It didn’t make sense …