According to Cowen, Bitcoin’s dominance has remained consistently strong throughout 2023, with no weekly close below its bull market support band. This stability, he argues, has debunked the recurring narrative of an impending “alt season,” as previously each surge in alternative to cryptocurrencies has been short-lived, ending in a decline within weeks.
Cowen’s analysis further revealed a sobering truth for altcoin enthusiasts. Major players like , , AVAX and consistently trailed behind Bitcoin in performance throughout the year. Even as the fourth quarter unfolds, Cowen remains cautious, indicating that substantial altcoin gains are unlikely.
Expert’s overall outlook for the crypto market, especially altcoins, is pessimistic until the summer of 2024. He attributes this bearish sentiment to a draining liquidity trend affecting various financial markets, including the crypto sphere.
However, the analyst does hold out a glimmer of hope, indicating that a potential market transformation could occur if the U.S. Federal Reserve adjusts its monetary policy toward quantitative easing or, in simpler words, starts printing money again.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
