Crypto strategist Benjamin Cowen says that the crypto market is entering one of the most “brutal” stages of its cycle.

Cowen tells his 768,800 followers on the social media platform X that Bitcoin’s (BTC) dominance, or its total share of the crypto market capitalization, is now going up as risk appetite for the asset class declines.

“We’ve been discussing this phase of the market cycle for a while. Namely, where BTC drops, but BTC dominance (BTC.D) goes up, because altcoins are dropping more. It is always the most brutal part of the market cycle.”

In a new YouTube strategy session, Cowen uses Fibonacci retracement levels to suggest that Bitcoin’s dominance will likely peak at the 60%, as it did last cycle.

“I’m still a believer in the 60%. It could be slightly different. Like, it could be 59%. It could be 63%. And some people say, Well, what about stablecoins? I think the stablecoin market is why it doesn’t go to 65% or 70%.”

Bitcoin is trading for $27,464 at the of writing and BTC.D is at 51.19%.

Cowen also weighs in on Ethereum (ETH) against Bitcoin, and predicts ETH/BTC will grind its way down to about the 0.037 level, which is about $1,016 at time of writing.

“ETH/BTC collapse continues. It has been a pretty slow process so far (certainly slower than I was expecting), but the trend has in fact been down for a long time.”

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