The altcoin season has long been expected, with many analysts employing various mechanisms to predict when the coveted period would start. Altcoin Daily, a reputable YouTube channel with more than 1.4 million subscribers, explained this using historical market information.
The analyst who made the presentation said one way to know is when Bitcoin spikes past $70k and Ethereum reclaims the $4,000 level. In every cycle, after Bitcoin clearly surpasses all-time highs, altcoins always explode.
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Bitcoin and Ethereum holders then realize they can’t get as much profit holding the two tokens, which prompts them to invest in other assets. There is a lot of bearish sentiment right now, but keep in mind we’re consolidating near all-time highs.
Some data also support the bullish move; they include the following:
45% of Bitcoin supply has not moved in 6 months.
Goldman Sachs is a Bitcoin buyer. Goldman Sachs now holds $238 million in BlackRock’s Bitcoin ETF shares.
Read Also: Why Is Bitcoin (BTC) Price Struggling Right Now?
Bitcoin has been profitable for 96.2% of its lifetime.
Arthur Hayes also says the altcoin season will return when Bitcoin hits $70,000 and Ethereum hits $4,000.
Brazil is launching the world’s first Solana ETF ahead of global markets.
PayPal’s stablecoin supply on Solana has just surpassed Ethereum.
Coinbase has resumed its operations in Hawaii, ending a 7-year absence.
Grayscale has just launched an investment fund for Maker.
Aptos saw 50 times more daily transactions than Ethereum yesterday.
All the above are positive indicators in the market, and they point to a potential rally in the future.
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