Altcoins
Analyst Predicts Altcoin Season Timeline Based on Bitcoin Moves
Bitcoin (BTC)The pioneer and largest cryptocurrency, has led the recent rally in digital assets, but rumors suggest smaller players, or “altcoins,” are gearing up for their moment in the spotlight.
Crypto analyst CrediBULL Crypto has some intriguing ideas on when this could happen. Let’s break this down and see what they predict for the future of altcoins and the broader crypto market.
The Altcoin Connection
CrediBULL Crypto’s recent analysis revisits a crucial link between Bitcoin’s performance and the start of the alternate seasonThe key point to remember? Altcoins often intensifies when Bitcoin surpasses its previous all-time high (ATH).
CrediBULL Crypto describes two historical scenarios:
Mega-escape scenario
In this scenario, if Bitcoin surpasses its previous ATH and doubles quickly in a few weeks, it typically experiences a mega breakout without much of a break. Surprisingly, during this period, altcoins might not attract much attention until Bitcoin takes a breather after its initial surge.
Consolidation scenario
On the other hand, if Bitcoin reached its previous ATH but faces rejection or consolidates at highs for a few weeks before resuming its upward rally, a different pattern emerges.
In this case, altcoins often start gaining momentum right after Bitcoin hits its previous high point, even as Bitcoin consolidates.
Read also: New Altcoin Rally on the Horizon as Bitcoin Dominance Signals Near-Term Reversal
Bitcoin Price Action
BTC is on the about to see again Bitcoin hit its 2021 all-time high, reaching $67,000 this week with substantial inflows into spot Bitcoin ETFs. It is up an impressive 48% since the start of the year. Interestingly, the broader cryptocurrency market saw an increase of 33% during this period, highlighting the relatively subdued performance of the altcoin sector.
Currently, Bitcoin is trading above the $67,010 markreflecting a change of 7.42% over the last 24 hours, with a current market capitalization of $1,336.98 billion.
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