Glassnode co-founders predict a major altcoin season is coming. Jan Happel and Yann Allemann—aka Negentropic—say altcoins could see one last dip before they start to overtake Bitcoin (BTC).
They shared with their 63,400 followers on X that, while there may be a short-term correction, many altcoins are about to perform well.
They commented: “The altcoin opportunity is here. The Bitcoin-Altcoin Cycle Indicator shows that we are in BTC dominance mode. When Bitcoin is down and altcoins are down, this is a buying opportunity. If BTC breaks resistance and the indicator is above 50, a strong altcoin season could be underway.”
This indicator tracks the trend of traders moving into altcoins instead of Bitcoin. A reading above 50 signals an upcoming altcoin season.
Bitcoin is currently trading at $68,708, up nearly 2% in the last 24 hours.
Analysts also looked at layer-1 projects like Solana (SOL), Ethereum (ETH), and BNB, predicting that they will lead the market, while Cardano (ADA) and Polkadot (DOT) could struggle.
Currently, Solana is at $154, up 3% in 24 hours; Ethereum is at $2,647, up 1.90%; and BNB is at $599, up 1.65%. In contrast, ADA is at $0.34, and DOT is at $4.28, up 2.3% on the day.
