Bitcoin Dominance Surges as Crypto Prices Approach $82K: Is Altcoin Season Over?

Bitcoin price is once again on the rise, approaching the $71,000 mark as the highly anticipated halving event draws near. Benjamin Cowen, a prominent cryptocurrency analyst, predicts that Bitcoin’s dominance will increase as investors shift their focus from altcoins to Bitcoin. Cowen suggests that monitoring ALT/BTC pairs is crucial, as a drop to 39% or lower could indicate a potential peak for Bitcoin’s current upward trend. Drawing parallels with historical data, Cowen highlights a recurring pattern in Bitcoin’s price movements during late March, followed by surges in April. Looking ahead, Cowen foresees a shift in the power dynamic between Bitcoin and Ethereum, with Bitcoin dominating over Ethereum in the near future. As the week begins, Bitcoin maintains positive momentum, trading around $70,404 and aiming to hold above the crucial $70,000 mark. Analysts believe that if Bitcoin stays above $69,000, it could surge towards the resistance level of $73,777, with a successful breach potentially propelling it towards the $82,000 milestone. As the countdown to the halving event continues, all eyes are on Bitcoin’s movements for insights into the future direction of the cryptocurrency industry.