$BTC $ETH This year, Bitcoin broke through the high point of the previous bull market in March, once reaching the $73,000 mark, and then entered a two-month consolidation. The market originally expected the Meme season to return, but in addition to Meme coins such as PEPE and WIF repeatedly setting new historical highs, overall, the performance of altcoins in this bull market was not outstanding, making investors wonder whether the "altcoin season" will not come?

Former Bloomberg analyst: Altseason is coming

Against this background, former Bloomberg analyst Jamie Coutts tweeted on the X platform today that he used factors such as the Smart Contract Platforms Index (SCP), the Altseason Index, the US presidential election and the liquidity cycle as a judgment benchmark, and judged that the Altseason signal is expected to appear in the next few weeks.

He described in his tweet that when the market meets two conditions, it will enter the altcoin season, including:

When the SCP index is on an upward trend

When the altcoin season index is on an upward trend (green arrow)

And the current market situation:

The SCP index continues to rise and is expected to exceed the high point in March (condition one is met)

The altcoin season index continues to decline, currently about 26% (condition two is not met)

The SCP index is composed of the top 100 tokens using smart contract platforms by market value. Since the tokens covered by the SCP index are mainly altcoins, the SCP index is often used as a judgment indicator for altcoins. In addition, the altcoin season index summarizes assets that have outperformed BTC in the past 90 days.