Glassnode co-founder: Altcoin season is coming, Bitcoin will explode after breaking $74,000
Glassnode founders Jan Happel and Yann Allemann (negentropic) said on the X platform that the cryptocurrency market is on the verge of an altcoin season. They believe that once Bitcoin breaks through its all-time high (ATH) of about $74,000, altcoins will usher in a strong wave of gains.
They pointed out that altcoins tend to follow Bitcoin's rise, and after Bitcoin breaks through its all-time high, the market will enter "unknown territory", when the arrival of the altcoin season is inevitable. This means that various digital assets will rise together to form a broad bull market.
According to the classic market pattern, Bitcoin usually rises first, followed by Ethereum (ETH), then large-cap stocks, and finally small- and medium-cap altcoins. Since May this year, Bitcoin has experienced three rises, but there has been no sign of an altcoin season. Now, analysts point out that the altcoin cycle indicator is close to 50, indicating that Bitcoin's strong performance is about to trigger an outbreak of altcoins.
Currently, Bitcoin is trading at $63,731, and market sentiment is brewing for a possible surge in altcoins.
