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Crypto analyst&nbsp;<a href="https://x.com/intocryptoverse/status/1704679434303713349?s=20" rel="noopener noreferrer nofollow">Benjamin Cowen</a> recently shared an intriguing insight via Twitter, signaling potential implications for the cryptocurrency market. Cowen pointed out that the U.S. Dollar Index (DXY) has formed a golden cross on its chart, a technical pattern often associated with a significant uptrend. 
A golden cross occurs when a short-term moving average crosses above a long-term moving average on an asset's price chart. Cowen's observation suggests that the U.S. dollar might be on the verge of a notable strengthening, with possible consequences for the broader financial landscape, including cryptocurrencies. 
<blockquote> 
 <a href="https://twitter.com/hashtag/DXY?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DXY</a> just got a golden cross. Perhaps a correction sometime in the next week or two, finding support at the 50D SMA, then a potential continuation of the trend higher. <a href="https://t.co/MPLRXSkL6r" rel="noopener noreferrer nofollow">pic.twitter.com/MPLRXSkL6r</a>— Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1704679434303713349?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 21, 2023</a> 
</blockquote> 
According to Cowen, as the U.S. dollar gains momentum, it could attract capital away from other markets, including the crypto space. However, he also anticipates a minor correction in the dollar index before such a shift fully materializes, which could lead to temporary gains in cryptocurrency prices. 
<h2 dir="ltr" id="dominance-issues">Dominance issues</h2> 
One crucial aspect revealed by Cowen's analysis is the potential impact on altcoins like&nbsp;<a href="https://u.today/shib-price-analysis-for-september-20" rel="noopener noreferrer nofollow">Shiba Inu (SHIB)</a> and&nbsp;<a href="https://u.today/cardano-token-holders-guide-to-rest-of-2023-what-ada-price-history-reveals" rel="noopener noreferrer nofollow">Cardano (ADA)</a>. Cowen believes that Bitcoin's dominance on the cryptocurrency market will likely continue to grow even during this period of adjustment, potentially concentrating liquidity in&nbsp;<a href="https://u.today/mt-gox-announces-major-repayment-delay" rel="noopener noreferrer nofollow">Bitcoin</a> and leaving altcoins vulnerable. 
This is not the first time Cowen has expressed concerns about the crypto market. Back in September, he hinted at an impending downturn, citing a notable reduction in liquidity. Cowen expects this trend to persist until quantitative easing measures, per U.S. Federal Reserve policy, potentially come into play, a scenario he believes might not materialize until around the summer of 2024.

Altcoins Like Shiba Inu (SHIB) in Danger as Golden Cross Emerges on Key Chart

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