Cowen notes the recent drop in BTC dominance is driven by short-term alt rallies (ETH, XRP), not a true altseason breakout.
Key Points:
Key Highlights:
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BTC dominance rejected at ~66% (Fibonacci resistance).
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Alt/BTC pairs bounce every June, but fizzle by August — this could be another seasonal fakeout.
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True altseason historically begins after BTC breaks cycle highs, which hasn't happened yet.
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Dominance metrics (BTC + ETH + stablecoins) remain strong — no clear signal of altcoin rotation.
Bottom Line:
This is likely a short-term alt rally, not the start of a full altcoin cycle.
Cowen remains cautious and expects dominance to climb again, keeping altcoins under pressure.
🧭 No confirmed altseason until Bitcoin clears all-time highs and dominance collapses with conviction.
