Is Altcoin Season Just Around the Corner? Market Analysis and Predictions
cryptonewsland.com 16 September 2024 00:38, UTC - Bitcoin’s recent rallies failed to ignite significant altcoin surges, but market indicators now suggest a shift toward altcoin strength.
- Bitcoin dominance is declining, which historically signals a possible transition to altcoin season as smaller cryptos gain traction.
- Historical data hints that a breakout in market consolidation could trigger a long-anticipated altcoin rally in the coming weeks or months.
As the crypto market develops, attention shifts to whether altcoin season is around the corner. Large rallies in the price of Bitcoin normally come before an upward shift in prices from altcoins. The performances of altcoins, when Bitcoin had its recent run-ups, have been fairly muted.
A recent performance of Bitcoin and Altcoin’s response
A recent tweet on X by Negentropic, a co-founder of Glassnode and Swissblock, suggests that expectations of the next altcoin season are not that far away. Indication from the user is that previous run-ups in the price of Bitcoin have not seen significant rallies in altcoins, but intimates here that a strong altcoin market might finally support Bitcoin’s next ascent toward breaking its previous all-time highs.
Is Altcoin Season just days away?
The last 2 run-ups in #Bitcoin towards $70k had lackluster performance on the Altcoin front. They didn’t last.
Given an Altcoin Season, the next $BTC run-up will likely break March’s all-time high, carried by a strong #Altcoin undercurrent. pic.twitter.com/nHmAYlivtf
— (@Negentropic_) September 13, 2024
Analysis of market indicators
A recent YouTube video looks at a historical graph to forecast when the altcoin season might start. The presenter then uses this information to analyze the current market, pointing out that while Bitcoin has reached new highs, the total cryptocurrency market cap has not yet achieved its peak. This, according to the analysis, would mean that a breakout in the current market consolidation could mark the beginning of a big period for altcoins.
There is a downtrend in Bitcoin dominance presented in the video, signaling a probable switch to altcoin strength. The speaker might insinuate that in the coming weeks or months, the performance of altcoins would be better, with many external factors that are likely to influence these predictions.
Current Price and Market Dynamics of Bitcoin
At press time, Bitcoin trades at $60,203.80, up 0.81% in the last 24 hours and 11.35% in the last week. The latest price, combined with the right mood of the market, serves as the backdrop for arguments for the altcoin season.
