Altcoin season unlikely before 2025, says crypto analyst Benjamin Cowen

Altcoin season may not happen until 2025, according to crypto analyst Benjamin Cowen. He believes that the current strength of Bitcoin and prevailing market dynamics will keep altcoins under pressure. Altcoins have been losing ground to Bitcoin, and historically, they rally after a strong Bitcoin rally. Cowen suggests that unless Bitcoin experiences a parabolic run, an altcoin season is unlikely. Bitcoin’s dominance at 60% further supports this outlook, with many altcoin pairs reaching new lows against Bitcoin. Cowen also notes that altcoins typically lag behind Bitcoin during periods of increased dominance. Therefore, until Bitcoin experiences a significant rally and investors take profits, there is little catalyst for a sustained altcoin surge. The path of Bitcoin for the rest of 2024 will depend on its ability to hold above $70,000, with labor market data playing a decisive role.