Glassnode founders expect a rise in crypto: “We are on the verge of altcoin bull season”

The founders of the on-chain analysis firm Glassnode stated that the bull season in altcoins is very close. Analysts stated that they expect sharp increases in altcoins, especially after Bitcoin exceeded the 73 thousand dollar level.

Author Hakan Ateşler

Although Bitcoin broke a record in March with 73 thousand dollars in cryptocurrencies, altcoins have not been able to keep up with it so far. Glassnode founders Jan Happel and Yann Allemann, who analyzed the account called "Negentropic" on X, are of the opinion that the bull season in altcoins is near.

“When Bitcoin broke its new record...”

Stating that bull seasons in crypto usually take place with a familiar scenario, analysts used the following statements:

“First, Bitcoin goes up. This is a classic. Then the money starts to enter the Ether. Then coins with large market value, then medium-scale ones and small-scale ones... We have witnessed that Bitcoin has risen 3 times since May, but there is no sign of the altcoin season in these. Now, in the altcoin bullish indicator, we see bullish signals even though Bitcoin has not yet shown any strength. Obviously, the next rise will come in both Bitcoin and altcoins. Still, first we will expect Bitcoin to break the ATH record. We think that when BTC enters unexplored territory, the altcoin bull will also come.”

Bitcoin, which started 2024 well, saw a very sharp increase of up to 73 thousand dollars in March, while it was at the level of 40 thousand dollars in the first days of the year. Later, the biggest cryptocurrency, which fell with the arrival of the halving in April, saw the level of 50 thousand dollars from time to time and rose to 70 thousand dollars once again in June.

Bitcoin, which once again saw the level of 49 thousand dollars with the surprise interest rate hike of the Japanese central bank in August, is traded around 64 thousand dollars in the minutes of the news.