The founders of on-chain analytics firm Glassnode stated that the bull season in altcoins is very close. Analysts stated that they expect sharp increases in altcoins, especially after Bitcoin surpassed the $73,000 level.
Despite Bitcoin breaking a record in cryptocurrencies with $73,000 in March, the failure of altcoins to keep up has been disappointing so far. Glassnode founders Jan Happel and Yann Allemann, who conduct analyses on X with an account called “Negentropic,” believe that the bull season is near for altcoins.
“When Bitcoin breaks its new record…”
Analysts stated that bull seasons in crypto generally occur with the familiar scenario and used the following statements:
“First Bitcoin goes up. This is classic. Then money starts to flow into Ether. Then coins with large market caps, then mid-caps, then small-caps… Since May, we have witnessed Bitcoin going up 3 times, but there is no sign of an altcoin season in them. Now, in the altcoin rise indicator, we see bullish signals, although Bitcoin has not yet shown any strength. Obviously, the next rise will come in both Bitcoin and altcoins. Still, we will wait for Bitcoin to break its ATH record first. We think that when BTC enters uncharted territory, the altcoin bull will come too.”
Bitcoin, which had a great start to 2024, saw a very sharp rise from $ 40,000 in the first days of the year to $ 73,000 in March. Later, with the arrival of the halving in April, the largest cryptocurrency fell, occasionally seeing the $ 50,000 level, and rose to $ 70,000 once again in June.
Bitcoin, which once again saw the $49,000 level after the Japanese central bank's surprise interest rate hike in August, is trading around $64,000 at the time the news is written.
✒️Uzmancoin
