Bitcoin
Altseason expected in 2-3 months
The cryptocurrency industry has recorded relief gains in the last 24 hours as Bitcoin (BTC) Price briefly rose above $63,000 on Monday. The total crypto market capitalization has gained about 2% to about $2.42 trillion at the time of this report. Despite that, Bitcoin continued to dominate the crypto industry, with a dominance of around 55.4% on Monday.
Peak season timeline
According to renowned crypto analyst Benjamin Cowen, founder of IntoTheCryptoverse, Bitcoin dominance is on track for 60% in the near term before experiencing an inevitable reversal. As a large portion of altcoin traders choose to watch from the sidelines amid the upcoming spot Ether ETFs final decision, Bitcoin’s dominance could increase in the near term.
However, according to a popular crypto trader known as Roman on platform X, the much-awaited bull season is likely to materialize between July and August. The crypto analyst indicated that most altcoins have already completed a general correction of between 40 and 50 percent and are therefore well prepared for a recovery.
The crypto trader pointed to the decreasing divergence in the daily Relative Strength Index (RSI) amid Bitcoin’s growing dominance as a key indicator of the inevitable reversal.
As the crypto market continues to swing horizontally, high-impact news such as US CPI data later this week will increase overall volatility. The final trigger for the altcoin will be the reversal of the ETH/BTC pair on the weekly time frame. As a result, now is the best time for long-term traders to accumulate even more to obtain a higher risk-reward ratio.
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