Bitcoin Dominance Surges as Cryptocurrency Price Eyes $82K, Raising Doubts about Altcoin Season

Bitcoin’s 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 in the market will increase as investors move their funds from altcoins back to Bitcoin. Cowen advises keeping an eye on the ALT/BTC pairs, as a drop below 39% could indicate a potential peak for Bitcoin’s current upward trend. Drawing from historical data, Cowen notes a pattern of price surges in late March followed by strong performances in April, suggesting 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 expected to dominate over Ethereum in the near future. This projection could result in a breakdown of the ETH/BTC ratio, stabilizing around 0.05 by the end of the year before bouncing back.
Currently, Bitcoin is trading around $70,404 and is aiming to maintain a position above the crucial $70,000 mark. Analysts believe that if Bitcoin can stay above $69,000, the BTC/USDT pair could surge towards the resistance level of $73,777. Breaking through this barrier may present a challenge, but it could also propel the pair towards the milestone of $82,000.
As the countdown to the halving event continues, the cryptocurrency community is closely monitoring Bitcoin’s movements for insights into the future direction of the industry.