Altcoins
Analyst Predicts Altcoin Season Timing Based on Bitcoin Movements
Bitcoin (BTC)The pioneer and largest cryptocurrency has been leading the recent rally in digital assets, but rumors suggest that smaller players, or “altcoins,” are preparing for their moment in the spotlight.
Crypto analyst CrediBULL Crypto has some interesting ideas about when this could happen. Let’s break it 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 They often increase when Bitcoin surpasses its previous all-time high (ATH).
So, is it alternation?
Let me explain it to you:
I have said many times before that alts will start to outperform once $BTC breaks its historic record. But when exactly will they take the lead?
Two scenarios that have occurred in the past:
1. BTC surpasses its previous ATH with conviction and passes…
— CrediBULL Crypto (@CredibleCrypto) March 4, 2024
CrediBULL Crypto describes two historical scenarios:
Mega Escape Scenario
In this scenario, if Bitcoin breaks past its previous ATH and doubles quickly in a matter of weeks, it typically experiences a mega-breakout without much of a pause. Surprisingly, during this time, altcoins might not get much attention until Bitcoin takes a breather after its initial surge.
Consolidation scenario
On the other hand, if Bitcoin hit its previous ATH but faces rejection or consolidates at the highs for a few weeks before resuming its rally higher, a different pattern emerges.
In this case, altcoins often start gaining momentum right after Bitcoin hits its previous high, even though Bitcoin is consolidating.
Read also : New Altcoin Rally on the Horizon as Bitcoin Dominance Signals Near-Term Reversal
Bitcoin Price Evolution
BTC is on the about to revisit Bitcoin hit its all-time high of 2021, hitting $67,000 this week with substantial inflows into Bitcoin spot ETFs. It is up an impressive 48% year-to-date. Interestingly, the broader cryptocurrency market has seen a 33% gain during this period, highlighting the relatively muted performance of the altcoin sector.
Currently, Bitcoin is trading above the $67,010reflecting a change of 7.42% over the last 24 hours, with a current market capitalization of $1,336.98 billion.
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