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The altcoin season seems to be around the corner, but it still doesn’t dare to make a name for itself. These alternative cryptocurrencies sometimes gain attention and leave Bitcoin in the shade before the latter regains its dominance. Today, according to Glassnode experts, another altseason could finally be announced, when Bitcoin will reach new highs.
Altseason, a promise always deferred?
Altcoin season is approaching, experts predict in June. But there are no good times in sight just yet.
Recently the co-founders of Glassnode Jan Happel and Yann Allemann, known as Negentropic on hope for the approaching altseason. According to them, the fateful moment could come when bitcoin breaks its old all-time high (ATH) of $74,000. For now, altcoins are content to follow the bullish wave of the flagship cryptocurrency, but a shift could be near.
He believes that once this threshold is crossed, the crypto market could experience a general uptick. Then the usual cycle begins: “ Bitcoin in the lead, followed by Ethereum, then large caps before mid and small caps », specifies Negentropic.
But since May, bitcoin has surged three times without triggering this famous altcoin season.
- From May: 3 BTC increase without Altseason;
- Altcoin Cycle Indicator Near 50;
- Current Bitcoin Price: $64,246.
The crypto market is waiting for a joint start
According to Negentropic,altcoin cycle indicator eventually returned almost 50 before bitcoin shows new signs of strength. A value above this line indicates that the cryptocurrency queen is underperforming compared to alternative cryptocurrencies, which could herald the long-awaited start of a new altseason.
Traders are therefore on alert, ready to see if this time altcoins finally surpass their big brother Bitcoin.
Another user, BitcoinKiwi, exclaimed to Negentropic: “ Do you think Bitcoin will go up first before the spin on alts or will they go up together? »
According to experts, the latter could indeed be the first, followed by a collective wave sweeping the entire crypto market. But the mystery remains: how long will altcoins have to wait for adoption?
In short, crypto experts are divided on the arrival of the altseason. While some blame memecoins for delaying this cycle, others point to the fall of the crypto market in general.
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The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.