Bitcoin Rise Predicted to Spark Altcoin Season

As the fourth quarter approaches, some analysts predict that the next leg of Bitcoin (BTC) rally will break the all-time high and could trigger the arrival of the altcoin season.

Viewpoint

Glassnode founders’ view: Jan Happel and Yann Allemann believe that Bitcoin’s next leg of rally could break the all-time high in March and drive a strong rise in altcoins. They cite the proprietary BTC/ALT cycle indicator, which shows that the altcoin season may be imminent.

Indicator Breakout: The current BTC/ALT indicator is close to breaking through the neutral level of 50, which could foreshadow the arrival of the altcoin season.

Market Watch

Trends in DOGE and ETH: Cryptocurrency analyst TechDev_12 noted that Dogecoin (DOGE) price action is similar to the trend in 2021, which could hint at the approach of the altcoin season. Some analysts use DOGE and Ethereum (ETH) to gauge the health of the altcoin market.

ETH/BTC ratio: Despite the predictions of altcoin season, the ETH/BTC ratio has fallen to a new yearly low, indicating that Bitcoin outperforms Ethereum, thus suppressing the possibility of altcoin season.

Current market conditions: Currently, the Blockchain Center's Altcoin Season Index shows that the market is still dominated by Bitcoin. Although altcoins have risen slightly in September, the rise is not as strong as expected.

Conclusion

While Bitcoin's strong rise may stimulate the arrival of altcoin season, the mixed signals of market performance and indicators indicate that the arrival of altcoin season needs further observation.

For reference only

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