Experts Forecasting Bitcoin’s Impending Surge Towards New Record High, Potentially Initiating Altcoin Season
As per the insights shared by Glassnode’s co-founders, Jan Happel and Yann Allemann, the cryptocurrency market might be on the brink of experiencing a robust altcoin season. Happel and Allemann are of the opinion that the recent upward movements of Bitcoin (BTC) towards $70k did not trigger a corresponding significant surge in altcoins.
Nonetheless, the upcoming bullish momentum could propel BTC to achieve a new all-time high, with a strong backing from the rising prominence of altcoins, as highlighted by Happel and Allemann using their distinctive BTC/ALT cycle metric.
Could it be just a matter of days before Altcoin Season arrives? With the potential onset of an Altcoin Season, the forthcoming surge in BTC is anticipated to surpass the previous all-time high from March, riding on a robust #Altcoin foundation.
It’s essential to note that this metric analyzes the relationship between BTC and Altcoin seasons, with the last strong alt season recorded in March. Currently, the metric is hovering around the neutral 50 mark, indicating a possible significant boost for the altcoin market, according to Happel and Allemann.
Approaching Altcoin Season?
Unsurprisingly, this observation has stimulated increased scrutiny and evaluation from other members of the crypto community.
Another cryptocurrency analyst and investor, TechDev_12, echoed a similar sentiment, drawing attention to the price action of Dogecoin (DOGE). The analyst noted that DOGE’s weekly price trend has been following a pattern resembling the trajectory in 2021, prior to its explosive surge in the last cycle.
DOGE and ETH are frequently used as benchmarks to assess the health and vitality of the altcoin sector. Should DOGE’s performance mimic past patterns and correlations persist, the much-anticipated altcoin season could materialize.
Nevertheless, despite previous forecasts, predicting several altcoin seasons, the sector has yet to witness a significant surge. For analysts using the ETH/BTC ratio as a barometer, the potential approval of Spot ETH ETFs was anticipated to act as a catalyst.
Previously, Happel, and Allemann themselves had predicted an altcoin season in July founded on this concept. However, post the projection, the ETH/BTC ratio, reflecting ETH’s valuation relative to BTC, has plummeted to new annual lows, without any subsequent alt season emergence.
Essentially, this trend signifies BTC’s dominance over ETH, potentially dampening the outlook for the altcoin season, especially when evaluating the altcoin market based on ETH’s performance.
Current data from Blockchain Centre’s Altcoin Season Index indicates that it’s predominantly a BTC-centric season at present, with a modest uptick noted in September. However, this upturn was less pronounced compared to the period between late 2023 and early 2024, leaving the sustainability of an altcoin season in question as the recovery progresses.