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The wider cryptocurrency market, led by Bitcoin (BTC), has experienced rising short-term bearish sentiment amid the ongoing Middle East geopolitical crisis. After teasing below $100k over the weekend, BTC price recorded the lowest weekly close at around $101,339.
Consequently, BTC price signaled further potential short-term weakness, with a midterm target of around $93k. Furthermore, BTC price in the weekly timeframe has formed a potential macro double-top coupled with bearish divergence of the Relative Strength Index (RSI), an established reversal pattern.
If the support level around $93k fails to hold in the coming weeks, a capitulation towards $76k will be imminent in the subsequent months.
Benjamin Cowen on Altseason 2025
Following the heightened crypto volatility, which has resulted in significant liquidations of leveraged long traders, fear of further capitulation remains palpable. The Bitcoin and Ethereum fear and greed indexes have dropped below 50 percent following the recent crypto selloff triggered by the U.S. attack on Iran.
According to Benjamin Cowen, an established crypto analyst, the Bitcoin market will continue to gain more ground over altcoins in the coming months. With Bitcoin dominance having crossed Sunday above 65 percent, Cowen thinks the figure will rise further in the near future, potentially even hitting 70 percent.
Consequently, the crypto analyst is of the opinion that altcoins will continue to bleed out to the Bitcoin market, thus further delaying the highly anticipated altseason 2025. Most importantly, Cowen highlighted that the wider crypto market, led by Bitcoin will establish a local low around August or September.
Meanwhile, Wall Street analysts expect the wider crypto market to record a parabolic rally during the fourth quarter of 2025 and potentially extend to the first quarter of 2026.