Experts Analyse Bitcoin’s Continued Surge and Market Dominance
Cathie Wood predicts Bitcoin could reach a base price of US$ 600,000 to US$ 650,000, amid potential SEC approval of a Bitcoin ETF and Bitcoin’s unique monetary role.
Analyst Benjamin Cowen views Bitcoin’s recent dominance over 51% as a sign of its potential for continued growth and influence, despite uncertainties in altcoin values.
BTC Makes New Highs
The number on crypto briefly dipped after moving sidewards since late October but has rallied again in the past 24 hours. According to CoinMarketCap, BTC currently trades for US$ 37,829 (AU$ 58,128), a high not seen since May 2022. However, analyst Michaël van de Poppe believes this is not the end of the bull run and we may see higher highs soon.
#Bitcoin did hold the $34,800-35,200 area and continued to bounce from this zone.
High chances we’ll see some new highs coming in or atleast a sweep.
Wouldn’t be surprised of even $40K to be a potential level. pic.twitter.com/SKWhqFfnyK
— Michaël van de Poppe (@CryptoMichNL) November 15, 2023
The rise comes as deadlines for three Spot Bitcoin ETFs are approaching fast, with experts predicting further SEC delays. Bloomberg analyst James Seyffart estimates a 90% chance of approval by January 19, 2024.
Source: Bloomberg Intelligence/ SEC.gov/ James Seyffart/ X
Cathie Wood Predicts BTC Base Price
Ark Invest CEO Cathie Wood, in a recent interview with Yahoo Finance, reiterated her daring prediction that Bitcoin’s price could soar to US$ 600,000 (AU$ 921,790) to US$ 650,000 (AU$ 998,600) as a base level. This forecast aligns with discussions about Bitcoin’s potential and the broader crypto market. It coincides with Ark Invest’s collaboration with 21Shares on spot ETFs and anticipation of a U.S. SEC-approved spot Bitcoin ETF. Wood emphasised Bitcoin’s groundbreaking role as the first global, digital, private, rules-based monetary system, contrasting it with the current global monetary policy.
There will only be 21 million Bitcoins in the world, and if the SEC approves a Bitcoin ETF, we think institutions will think their way is clear.
Bitcoin Dominance Holds over 51%
Analyst Benjamin Cowen correctly predicted that the previous decrease in Bitcoin’s dominance and price was temporary and that there’s potential for continued gains, both in price and market influence. He suggested that Bitcoin’s pullback is part of normal market fluctuations and that its dominance is likely to return with future price increases.
Source: TradingView/ Benjamin Cowen/ YouTube
As for Bitcoin dominance and altcoins, according to Cowen, there is no definitive answer as to when altcoins will reach their lowest value against Bitcoin or when Bitcoin dominance will peak. This uncertainty is underscored by the fact that every time Bitcoin’s price in USD increases, its market dominance also tends to increase. This correlation suggests two possible scenarios as per Cowen: if Bitcoin leads a bull market, its dominance will rise, and if there is a downside risk, altcoins might decrease in value in USD terms, but Bitcoin could still offer better returns.
I know many have already given up on #BTC dominance just because of this pullback.
Remember, anytime BTC pumps, dominance tends to soar.
I would not completely discount dominance just yet. pic.twitter.com/JNjlt27RTv
— Benjamin Cowen (@intocryptoverse) November 15, 2023
The post Experts Analyse Bitcoin’s Continued Surge and Market Dominance appeared first on Crypto News Australia.
Filed under: Bitcoin - @ November 16, 2023 2:32 am