The founders of analytics firm Glassnode believe that altcoins are getting closer to outperforming Bitcoin (BTC).
Jan Happel and Yann Allemann, who go by the handle Negentropic, tell their 63,200 followers on social media platform X that altseason could be coming if Bitcoin breaks its all-time high (ATH) of around $74,000.
“Altcoins have followed Bitcoin’s bullish momentum. It looks like we are on the verge of an altcoin season. When BTC breaks its ATH and enters uncharted territory, we will experience it intensely.”
Analysts suggest that the upcoming altseason could be part of a broader cryptocurrency market rally, with all types of digital assets rising simultaneously.
“The traditional thing is Bitcoin first, then rotate to ETH, then large caps, mid caps, small caps. Since May, we’ve seen three BTC spikes, but no signs of an altcoin season. Now we’re seeing the altcoin cycle indicator approaching 50 before Bitcoin starts to rally. We have a feeling the next spike will happen together.”
The Bitcoin-Altcoin Cycle indicator measures whether traders prefer altcoins over Bitcoin. A value above 50 indicates that Bitcoin is underperforming altcoins and that the market is entering altcoin season.
As of this writing, Bitcoin is trading at $64,246.
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