Altcoin
Bitcoin liquidity shifts to Altcoins: Altseason expected in 2-3 months
The cryptocurrency industry has posted relief gains over the past 24 hours as the price of Bitcoin (BTC) briefly rose above $63,000 on Monday. At the time of this report, the total cryptocurrency market capitalization has gained approximately 2%, standing at approximately $2.42 trillion. Nonetheless, Bitcoin continued to dominate the cryptocurrency sector, with a dominance of around 55.4% on Monday.
High season timeline
According to renowned crypto analyst Benjamin Cowen, founder of IntoTheCryptoverse, Bitcoin’s dominance is on course for 60% in the near term before undergoing an inevitable reversal. As a large number of altcoin traders choose to watch the impending final Ether spot ETF decision from the sidelines, Bitcoin’s dominance may increase in the near term.
However, according to a popular cryptocurrency trader alias Roman on platform X, the highly anticipated altseason will likely materialize between July and August. The crypto analyst indicated that most altcoins have already completed an overall correction of between 40 and 50% and are therefore well prepared for a rebound.
The cryptocurrency trader pointed to the declining divergence on the daily Relative Strength Index (RSI) amid Bitcoin’s growing dominance as one of the leading indicators of the inevitable reversal.
As the cryptocurrency market continues to swing horizontally, high-impact news, such as US CPI data later this week, will increase overall volatility. The latest altcoin trigger 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 further for a higher risk/reward ratio.