According to BlockBeats, Kryptanium Capital co-founder Daniel Yan recently shared his thoughts on social media, stating that he believes the altcoin season will arrive after Bitcoin significantly breaks its all-time high (ATH). Yan explained that the logic behind the previous bull market's altcoin season was the BTC halving narrative combined with institutional funds inflow, which drove the continuous increase in BTC price before the halving. However, after the halving, traders took profits from the halving trade, and funds flowed into altcoins with more potential for growth. This is similar to the current situation, where the current cycle is driven by ETF funds inflow, also driven by institutional demand.
For most altcoins, the ATH is still far away, which psychologically attracts investors. Bitcoin's ATH confirms that we are indeed in the heat of a bull market, and people's greed will become rampant. However, Daniel Yan also warned investors to be cautious of short-term bull market traps. He stated that the Bitcoin weekly closing price needs to be above $70,000 to confirm its 'significant breakthrough' nature. BlockBeats notes that Daniel Yan mentioned the Bitcoin price was $69,800 before editing the article, and it had risen to $71,000 by the time of publication, suggesting that the altcoin season may start next week.
