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

Bitcoin price is once again on the rise, approaching $71,000 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 to Bitcoin. This expected rise in dominance is attributed to the upcoming halving event, which will gradually redirect investments from altcoins back to Bitcoin. Cowen advises keeping an eye on ALT/BTC pairs, as a drop below 39% could indicate a potential peak for Bitcoin’s current uptrend. Drawing from historical data, Cowen notes a recurring pattern of Bitcoin’s price movements in late March, followed by surges in April, seen in both 2017 and 2021. This pattern suggests a potential trajectory for Bitcoin’s price in the coming weeks. Cowen also predicts a shift in the power dynamic between Bitcoin and Ethereum, with Bitcoin’s dominance over Ethereum expected to increase. Looking at the market outlook, Bitcoin maintains a positive momentum, trading around $70,404 and aiming to stay above the crucial $70,000 mark. If Bitcoin manages to hold above $69,000, it could surge towards the significant resistance level of $73,777. Breaking through this barrier may pose a challenge, but a successful breach could propel Bitcoin 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.