頂級專家說

分析師本傑明·科恩（Benjamin Cowen）表示，隨著定量收緊（QT）政策繼續壓力全球市場的流動性，相對於比特幣，Altcoins可能會面臨進一步的下行方面。

output: As quantitative tightening (QT) policies continue to pressure liquidity across global markets, altcoins may face further downside relative to Bitcoin, according to analyst Benjamin Cowen.

產出：隨著分析師本傑明·科恩（Benjamin Cowen）表示，隨著定量收緊（QT）政策繼續壓力全球市場的流動性，相對於比特幣，山寨幣可能會面臨進一步的下跌。

In his latest outlook, Cowen suggests that ALT/BTC pairs are likely to decline from the current 0.34 level to 0.32, with a longer-term target of 0.25.

Cowen在最新的前景中表明，ALT/BTC對可能從當前的0.34水平下降到0.32，長期目標為0.25。

Cowen’s chart shows the performance of the TOTAL3/BTC pair, which represents the total altcoin market cap (excluding BTC and ETH) versus Bitcoin. The chart shows that the pair has been in a downward trend since early 2022, moving in a descending channel. The chart shows that the pair has found support at the 0.32 and 0.25 levels previously during prior bear market phases.

Cowen的圖表顯示了總3/BTC對的性能，該表代表了總山幣市值（不包括BTC和ETH）與比特幣。該圖表顯示，自2022年初以來，這對夫婦一直處於下降趨勢，以降級通道移動。圖表顯示，兩人在先前的熊市階段之前發現了以前在0.32和0.25水平的支持。

“Bitcoin dominance could rise to 66% soon,” adds Cowen, signaling capital flowing back into BTC as investors seek safety in the most established crypto asset.

Cowen補充說：“比特幣的優勢可能很快上升到66％。”當投資者尋求最成熟的加密資產的安全性時，信號將資本流回BTC。

The chart’s long-term structure highlights a market becoming increasingly risk-averse, with capital flowing into Bitcoin during periods of macro uncertainty. This further supports the narrative of BTC outperformance continuing until broader market sentiment shows signs of improvement.

該圖表的長期結構強調了一個市場變得越來越避開風險，在宏觀不確定性期間，資本流入比特幣。這進一步支持了BTC的敘述持續不斷，直到更廣泛的市場情緒顯示出改善的跡象。