A widely followed crypto analyst is issuing a warning to investors, saying that a deep correction in the altcoin markets may be on the horizon.
In a new video update, prominent crypto strategist Benjamin Cowen tells his 783,000 YouTube subscribers that history is signaling a massive downswing for altcoins.
According to Cowen, the Bitcoin dominance (BTC.D) chart currently looks strong and historical data suggests that it will continue to be bullish as Bitcoin (BTC) inches closer to its halving event next year.
The Bitcoin dominance index tracks how much of the total crypto market capitalization belongs to Bitcoin. A bullish BTC.D chart suggests that Bitcoin is taking a larger share of the crypto markets at the expense of altcoins.
Says Cowen,
“I think fundamentally the dominance is very bullish and if the dominance is bullish, it’s not a good thing for altcoins on their Bitcoin pairs.
And if the dominance is bullish in the pre-halving year, then it tends to not be a good thing for
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