Renowned crypto analyst Benjamin Cowen believes that reaching a $100,000 Bitcoin price could lead investors to shift their focus from BTC to altcoins.
Extreme Greed in the Crypto Market
In an interview with David Lin, Cowen highlighted that the Bitcoin Fear and Greed Index, which measures market sentiment on a scale of 0 to 100, recently surpassed a value of 90. This high value indicates a period of “extreme greed,” which, according to Cowen, could signal an impending price correction.
The $100,000 Milestone Could Reshape the Market
Cowen suggests that Bitcoin’s dominance might start to decline once it hits a significant milestone:
“I believe there will come a time when Bitcoin’s dominance decreases. However, there’s also a good chance this won’t happen until Bitcoin surpasses the $100,000 mark. This milestone is on many investors’ minds, and a lot of them are unlikely to sell until it’s reached.”
Cowen added that once Bitcoin crosses this threshold, investors’ interest could begin shifting toward altcoins. This transition might be further influenced by macroeconomic changes, particularly a shift from quantitative tightening to quantitative easing.
Bitcoin’s Path to New Highs
As of writing, Bitcoin is trading at $92,137, reflecting an almost 2% increase in the last 24 hours. Cowen’s prediction suggests that reaching $100,000 could be a pivotal moment, impacting not only Bitcoin’s price but also the broader structure of the cryptocurrency market.
The analyst speculates that this milestone could trigger an altcoin season in 2025, with investors potentially prioritizing other cryptocurrencies over Bitcoin.
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