Glassnode Founders Expect Crypto Bulls: “We’re on the Verge of Altcoin Bull Season”

The founders of on-chain analytics firm Glassnode claim that the altcoin bull season is just around the corner. The analysts claim that they expect altcoins to surge, especially after Bitcoin surpassed $73k.

By Hakan Ateşler

Although Bitcoin broke its record in March with $73k, altcoins have so far failed to keep up. Glassnode founders Jan Happel and Yann Allemann, who analyzed the account “Negentropic” on X, believe that the altcoin bull season is just around the corner.

“When Bitcoin breaks a new record…”

Noting that crypto bull seasons often follow a familiar script, the analysts used the following statements:

“First, Bitcoin goes up. This is a classic. Then money started flowing into Ether. Then the large cap coins, then the mid and small cap coins… We have seen Bitcoin rise 3 times since May, but there is no sign of altcoin season among them. Now, in the altcoin bullish indicator, we see bullish signals even though Bitcoin has not shown any strength yet. Obviously, the next bull run will come for both Bitcoin and altcoins. However, we will first expect Bitcoin to break the ATH record. We think that as BTC enters uncharted territory, the altcoin bull run will also come.”

Bitcoin, which started 2024 quite well, saw a very strong increase to $73k in March, while it was at $40k in the early days of the year.The largest cryptocurrency, which fell during the halving event in April, then saw a $50k hit over time and rose to $70k again in June.

Bitcoin, which hit $49k again after the Bank of Japan unexpectedly raised interest rates in August, was trading at around $64k in the news.