The cryptocurrency industry has registered relief gains in the last 24 hours as Bitcoin (BTC) price briefly rallied above $63,000 on Monday. The total crypto market cap gained around 2 percent to hover about $2.42 trillion at the time of this report. Nonetheless, Bitcoin has continued to dominate the crypto industry, with a dominance of around 55.4 percent on Monday.
Altseason Timeline
According to renowned crypto analyst Benjamin Cowen, the founder of IntoTheCryptoverse, Bitcoin’s dominance is en route to 60 percent in the near term before experiencing an inevitable reversal. As a large chunk of altcoin traders opt to watch from the sidelines amid the upcoming final decision of spot Ether ETFs, Bitcoin’s dominance could rise in the near term.
However, according to a popular crypto trader alias 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 completed a general-wide correction of between 40 and 50 percent and are thus well primed for a rebound.
The crypto trader pointed to the falling divergence on the daily Relative Strength Index (RSI) amid rising Bitcoin dominance as a major indicator of the inevitable reversal.
As the crypto market continues to range horizontally, high-impact news, such as the US CPI data later this week, will spike the overall volatility. The ultimate altcoin trigger will be the reversal in the ETH/BTC pair on the weekly time frame. As a result, now is the best time for long-term traders to accumulate further for a higher risk-to-reward ratio.
This article was originally published by a coinpedia.org . Read the Original article here. .
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