Altcoin Season in June: Expert Doubles Down on Bearish Outlook as ALT/BTC Pairs Tumble

The new month kicked off on a bearish note for altcoins, as the market sell-off from May carried into the new month. Weekend losses have yet to be cleared off, as altcoins show a downward trend.

One market participant has revisited his outlook for the long-awaited altcoin season, when altcoins rake in massive gains and outperform the leading cryptocurrency Bitcoin.

Benjamin Cowen, a prominent cryptocurrency analyst and the CEO of crypto analytical tool CryptoVerse, has recently resisted bullish altcoin sentiments.

“I think we will see ALT /BTC pairs get rejected at their bull market support band,” the analyst wrote in a post shared with X. He highlighted the pair’s historical performance from 2018, exposing a downward reversal trend recorded at critical resistance levels. 

With altcoins collectively nursing losses, the analyst revisited his prediction, observing that the ALT/BTC pairs were rejected from the bull market support band, further sending the asset to lower lows on May 31st.

And in fact, / pairs were rejected from their bull market support band, and put in a lower low today.

Altcoins bleed as global crypto market cap plummets

Last week’s market sell-off carried over into the new month as leading altcoins traded in the red. XRP, SOL, and DOGE have emerged as the highest losers from last week, with 7-day losses going up to 7.83%, 12.62%, and 16.32%, respectively.

With leading altcoins shedding notable gains, as long positions get liquidated, the bears appear to have the upper hand now. 

It bears mentioning that the leading cryptocurrency, Bitcoin, has remained in a downtrend over the past week. Despite hitting a new all-time high in May, the asset failed to sustain momentum above the $110,000 price mark. After a 4.38% decline over the last 7 days, Bitcoin is trading at a press time price of $105,870.