In a recent analysis, popular crypto expert Benjamin Cowen has shared his insights on the future trajectory of the altcoin market and Bitcoin's dominance. Contrary to the expectations of an imminent altcoin rally, Cowen believes that the wait for a significant altcoin surge may extend until February 2025.

Cowen's assessment is based on historical patterns observed in the ALT/BTC pairs, which he believes have not yet reached their lowest point. Despite the recent altcoin bounce, Cowen cautions that this may be a false equivalence, as the Bitcoin price dominance has not yet peaked.

The analyst points out that the ALT/BTC pairs have historically acted as oscillators, and even with the recent rallies, they remain above their long-term lows. Cowen suggests that the previous predictions of an altcoin season may have been premature, as the liquidity required to sustain a prolonged altcoin rally is currently lacking.

Cowen's analysis also highlights the historical patterns observed during the Federal Reserve's rate cut cycles. He notes that significant bullish movements in the ALT/BTC pairs have typically occurred in the post-halving years, indicating a greater likelihood of an altcoin rally in 2025 rather than 2024.

Furthermore, Cowen emphasizes that the Fed rate cuts are unlikely to happen in 2024, which means that liquidity is likely to remain tight until then. As a result, he expects the Bitcoin dominance to continue growing, exceeding popular expectations, until the Fed announces rate cuts and resumes quantitative easing (QE).

In conclusion, Cowen's analysis paints a cautious outlook for the altcoin market, suggesting that investors may need to be patient and wait until 2025 for a more substantial altcoin resurgence. Meanwhile, the analyst anticipates Bitcoin's dominance to strengthen further in the near term.