The buzz is back, folks! The crypto community is abuzz with whispers of an impending altcoin season, and it's got everyone on the edge of their seats. Analysts are predicting a fourth-quarter breakout for Bitcoin, which could set the stage for an altcoin frenzy.
Picture this: market analysts are poring over charts, eagerly looking for that telltale sign of an altcoin surge. Historically, these altcoins have ridden the coattails of Bitcoin's bullish momentum. On September 24, Glassnode co-founder ‘Negentropic' dropped some serious knowledge, pointing out that we're teetering on the brink of an altcoin season. He confidently stated, “We're bound to experience it intensely once BTC breaks its all-time high and ventures into uncharted territory.”
Right now, Bitcoin is about 14.5% shy of its peak, while many altcoins are lagging behind by more than 50%. But don't count them out just yet!
Negentropic explained the classic rotation cycle: Bitcoin pumps first, followed by Ethereum, then the large-cap altcoins, and finally, the smaller-cap tokens get their turn. He noted that since May, Bitcoin has made three significant pushes without triggering an altcoin season. However, the Altcoin Cycle indicator recently spiked to near-50 before Bitcoin showed strength again, hinting that the next run-up might see altcoins joining the party.
Bitcoin has defied September's bearish reputation, posting nearly 9% gains so far, making it the best September ever for the king of crypto. And on September 23, Web3 developer ‘Tracer' predicted that “the biggest altseason will start in 9 days,” drawing parallels to similar events in 2017 and 2021. Meanwhile, ‘Elja' told his 686,000 followers that the “biggest altseason will begin in Q4.”
Another key factor to watch is Bitcoin dominance, which is currently at a three-and-a-half-year high of 57.5%. Analysts suggest that BTC dominance might be peaking and could retreat below 50%, which would be music to the ears of altcoin enthusiasts.
Despite a 1.6% dip in the overall crypto market, bringing the total market cap to $2.31 trillion, some altcoins are still putting on a show. Near Protocol (NEAR) has surged 14.5% in the past 24 hours, reaching $5.21. AI token TAO (Bittensor) is on a tear with another 5% gain, making its weekly gains a jaw-dropping 84%. Bitcoin layer-2 project Stacks (STX) is up 7%, while Arweave (AR) and Celestia (TIA) are pumping 16% and 20%, respectively.
So, buckle up, crypto fans! The charts are hinting at an exciting ride ahead, and it looks like the altcoin season might just be around the corner.
