Altcoin Season Incoming? Bitcoin’s ATH Sparks Debate
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The recent Bitcoin price surge to a new all-time high (ATH) above $111,000 has ignited a debate among crypto analysts about the imminent arrival of altcoin season. Analyst Astronomer predicts altcoin season is near, citing Bitcoin's dominance (BTC.D) hitting 65% as a key indicator. He believes this dominance will soon roll over, leading to a rapid decline and subsequently allowing altcoins to outperform Bitcoin. Astronomer points to a seven-week upward trend in BTC.D and the completion of a transition period as further evidence. While acknowledging current market sentiment favors Bitcoin, with only Bitcoin-related coins like HYPE and WIF garnering significant attention, Astronomer maintains that 65% represents the peak of BTC.D, setting the stage for altcoin gains. Conversely, analyst CryptoVerse suggests a more cautious outlook, predicting altcoin season will likely begin in the fourth quarter of this year and conclude by the second quarter of next year, based on global liquidity trends. He acknowledges potential short-term altcoin bounces but believes a substantial rally is unlikely before then. CrediBULL Crypto also anticipates an upcoming altcoin season, viewing lagging altcoins as opportunities rather than problems in the current market climate. The differing opinions highlight the uncertainty surrounding the timing and extent of the next altcoin season, despite the bullish sentiment surrounding Bitcoin's recent ATH.
(Source: https://www.newsbtc.com/altcoin/when-altcoin-season-begins/)
