When Can We Expect Altcoin Season to Start After Bitcoin Surpasses $111,000 High?
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Crypto expert Astronomer has shared predictions regarding the potential start of the altcoin season following Bitcoin’s surge to a new record high (ATH). His analysis suggests that Bitcoin’s market dominance is nearing its peak, setting the stage for altcoins to rise above the leading cryptocurrency.
Impending Altcoin Season as Bitcoin Reaches New ATH
In a recent post on X, Astronomer forecasted that the altcoin season is just around the corner, noting that Bitcoin’s dominance (BTC.D) has reached 65% following its rally to a record price. The analyst indicated that Bitcoin’s dominance will initially decline gradually before experiencing a more rapid drop once it loses its upward momentum.
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He expressed confidence that the altcoin season is on the horizon, given that Bitcoin’s dominance has increased for seven consecutive weeks and remained positive since the bottom, indicating sustained upward movement. Astronomer emphasized that BTC is nearing the conclusion of this transitional phase, suggesting that altcoins will soon experience significant movements.
Furthermore, the analyst mentioned that Bitcoin’s dominance has successfully retested the quarterly breaker. However, he believes the current sentiment is not yet conducive for an altcoin season, as enthusiasm appears to be limited primarily to Bitcoin enthusiasts. According to Astronomer, the Ethereum proponents are relatively quiet, and discussions are mainly revolving around Bitcoin-derived liquidity coins, including HYPE, WIF, and Bitcoin itself.
He remains firm in his belief that 65% is the peak for Bitcoin’s dominance, dismissing suggestions of it reaching 67% or 70%. With Bitcoin currently holding a dominance level of nearly 63%, Astronomer stated he’s strategically positioned for a peak, anticipating the subsequent altcoin season. He articulated that soon these altcoins will initiate substantial movements, regaining narrative control until they also reach their peaks.
Coin analyst CrediBULL Crypto shares a similar belief regarding the altcoin season’s approach amidst Bitcoin’s remarkable price increase. In a post on X, he suggested that upcoming market conditions present opportunities in every lagging altcoin, seeing them as positives rather than frustrations.
Bitcoin Approaching Top at Current Levels
In a recent post, crypto analyst CryptoVerse indicated that Bitcoin’s price may be reaching its peak at current rates. He acknowledged the potential for Bitcoin to rise to between $112,000 and $118,000, but cautioned that this could signify the height of the current cycle. The analyst also mentioned that he does not foresee an altcoin season beginning before the final quarter of this year.
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CryptoVerse pointed out that according to global liquidity patterns, the altcoin season is expected to kick off in the fourth quarter and conclude by the second quarter of the following year. He noted that while short-term rebounds may occur, a comprehensive rally is unlikely before that timeframe.
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