As the market heats up with the anticipation of another trading season altcoins, investors are on the lookout for the next big cryptocurrency. One expert recently suggested that altcoin season could be nigh.
In an analysis recent, Ran Neuner, a South African businessman, stated that, generally, the summer season altcoin It begins with an increase in the price of the largest cryptocurrency on the market, Bitcoin (BTC), followed by Ethereum (ETH) and soon after by high-capitalization cryptocurrencies, such as Solana (SOL) and Avalanche (AVAX).
“[Bitcoin is] attacking the all-time high with great momentum. Now, the reality is that, as soon as this historic record is surpassed [again], and this could happen today, it is as if the gun goes off for altcoins and the race begins”, he highlighted.
The analysis suggested that as Bitcoin managed to surpass its all-time high, altcoins could also follow suit approximately 70 days later. Notably, 22 days after Bitcoin's peak, altcoins tend to go through a period of correction in their prices.
Specifically, 14 days ago, the cryptocurrency market went through the correction phase, starting a price recovery recently. If the pattern repeats, the altcoin season could start in approximately 45 days.
“To see how much [altcoins] need to advance between now and reaching the all-time high, that means altcoins need to rise 50%. Do you understand how violent a 50% move will be in the next 45 days? It’s face-melting!”, emphasized Neuner.
Are Altcoins Preparing Ground to Overtake Bitcoin?
Renowned trader Michaël van de Poppe highlighted in a recent analysis that altcoins are preparing to experience massive price surges in the coming months. The analyst noted that the altcoin market experienced a devaluation of more than 16% during the correction recently.
“Very healthy correction in Altcoin market capitalization, which will likely reach highs in the coming months as Bitcoin consolidates,” he wrote.
At the time of publication, the Bitcoin price it was quoted at US$70.342,59 with an increase of 0.2% in the last 24 hours.
