Bitcoin Dominance Surges as Crypto Prices Approach $82K, Casting Doubts on Altcoin Season

Bitcoin price is once again on the rise, approaching the $71,000 mark as the highly anticipated halving event draws near. Analyst Benjamin Cowen predicts that Bitcoin’s dominance will increase as investors shift their focus from altcoins back to Bitcoin. He suggests monitoring ALT/BTC pairs as an indicator of Bitcoin’s favorability, noting that a drop to 39% or lower could signal a potential peak for its current upward trend. Cowen also draws parallels with past data, pointing out a pattern of price surges in late March and April. Looking ahead, he predicts that Bitcoin will surpass Ethereum in dominance and stabilizing around 0.05 in the ETH/BTC ratio. As the week begins, Bitcoin maintains positive momentum, trading around $70,404 and aiming to stay above the crucial $70,000 mark. Analysts believe that if it can remain above $69,000, the BTC/USDT pair could surge towards the resistance level of $73,777 and potentially reach the $82,000 milestone. With the halving event approaching, all eyes are on Bitcoin’s movements for insights into the future direction of the cryptocurrency industry.