Altcoin season
1. Historical Patterns:
- Historically, altcoin seasons tend to occur after significant movements in Bitcoin's price.
- Altcoins often step up when Bitcoin surpasses its previous all-time high (ATH).
2. Two Scenarios:
- Mega Breakout Scenario:
- If Bitcoin breaks its prior ATH and quickly doubles in a matter of weeks, it usually experiences a mega breakout without much pause.
- During this period, altcoins might not get much attention until Bitcoin takes a breather after its initial surge.
- Consolidation Scenario:
- If Bitcoin reaches its prior ATH but faces rejection or consolidates at the highs for a few weeks before resuming its upward rally, a different pattern emerges.
- In this case, altcoins often start gaining momentum right after Bitcoin reaches its previous highest point, even as Bitcoin consolidates.
3. Current Bitcoin Situation:
- Bitcoin is on the verge of revisiting its 2021 all-time high, surging to $67,000 this week with substantial inflows into spot Bitcoin ETFs.
- Interestingly, the broader crypto market has seen a 33% rise during this period, shedding light on the relatively subdued performance of the altcoin sector.
Remember that cryptocurrency markets are highly volatile, and predictions can change rapidly. Keep an eye on Bitcoin's movements and stay informed! 📈💡