Altcoins
Bitcoin liquidity shifts to Altcoins: Altseason expected in 2-3 months
The cryptocurrency sector saw some relief gains over the past 24 hours, with the price of Bitcoin (BTC) briefly rising above $63,000 on Monday. The total crypto market cap gained around 2 percent to hover around $2.42 trillion at the time of writing. Nonetheless, Bitcoin continued to dominate the crypto industry, with approximately 55.4% dominance as of Monday.
Altseason timeline
According to renowned crypto analyst Benjamin Cowen, founder of IntoTheCryptoverse, Bitcoin’s dominance is on track to reach 60% in the short term before experiencing an inevitable reversal. With a large portion of altcoin traders choosing to sideline the upcoming final decision regarding spot Ether ETFs, Bitcoin’s dominance could increase in the near term.
However, according to a popular crypto trader aka Roman on the X platform, the highly anticipated altseason will likely materialize between July and August. The crypto analyst indicated that most altcoins have already made a general correction of between 40 and 50 percent and are therefore well prepared for a rebound.
The crypto trader highlighted the falling divergence on the daily Relative Strength Index (RSI) amid Bitcoin’s growing dominance as a major indicator of the inevitable reversal.
As the crypto market continues to move horizontally, high-impact news, such as US CPI data later this week, will increase overall volatility. The ultimate 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 more to achieve a higher risk/reward ratio.