Anticipation Grows for the Imminent Arrival of Altcoin Season
In the ever-evolving world of cryptocurrency, analysts and investors remain on the edge of their seats, eagerly awaiting the much-anticipated altcoin season. Although individual altcoins such as Solana and XRP have experienced notable gains, the overall altcoin market is yet to witness the explosive growth that typically heralds a full-scale altcoin season.
The delay in altcoin market momentum is mainly attributed to Bitcoin’s enduring dominance, which persists despite occasional pullbacks. However, a prominent crypto analyst has recently started the countdown, predicting that the eagerly awaited altseason is just days away.
Analyst Foresees Altcoin Season Launch in Three Days
Advertisement Banner
Currently, Bitcoin’s dominance remains near its cyclical highs, with the market lacking a definitive shift. Nonetheless, technical analysis indicates that altcoins might soon gather steam. As per the Bitcoin Dominance Chart on CoinMarketCap, Bitcoin’s dominance stands at 60.2%, having recently peaked at a multi-year high of 61% on February 8.
A crypto analyst, known pseudonymously as Pepa (@moonshilla) on social platform X, is predicting the onset of the next official altcoin season within a mere three days. Pepa took to the platform to announce the countdown, highlighting that there are three days and seven hours left before the anticipated altcoin surge.
The announcement was supported by a chart depicting the total altcoin market cap against Bitcoin (OTHERS/BTC), revealing that price action has recently touched the lower trendline of a long-standing ascending channel. Historically, this trendline has been a significant inflection point, with bounces from this level preceding the last two altseasons in prior cycles. If this pattern holds true, a robust upward reversal could be on the horizon for the altcoin market cap.
Historical Patterns Indicate February 14 as a Potential Start Date
To bolster this prediction, Pepa referenced historical trends observed in previous market cycles. In an earlier post, the analyst outlined a timeline of past altcoin seasons, noting that major altcoin surges typically follow Bitcoin’s halving events.
According to this analysis, the first altcoin season commenced on February 14, 2017, subsequent to the 2016 Bitcoin halving. The second altseason began on January 1, 2021, following the 2020 halving. The next anticipated start date for altcoin season is February 14, 2025, potentially mirroring the 2017 cycle. This forecast is based on a 44-day chart cycle, with the next candle set to open in just five days.
Despite the countdown, the realization of an altseason depends on a decrease in Bitcoin’s dominance. Presently, Bitcoin dominance is near multi-year highs, indicating that BTC continues to attract significant capital inflows as it aims to surpass $100,000 once again.
The Role of Ethereum in Signaling Market Shifts
Ethereum’s performance relative to Bitcoin has historically served as an early indicator for broader altcoin rallies. Should ETH/BTC exhibit strength, it may confirm that the market is tilting in favor of altcoins. Currently, Ethereum is testing a critical support level on the ETH/BTC price chart, with a rebound here potentially marking the first step towards a new altseason.
As of now, the overall market cap excluding Bitcoin stands at $1.24 trillion, suggesting a significant reservoir of potential for altcoins to tap into as conditions evolve.
As the crypto community eagerly anticipates these developments, the coming days will be crucial in determining whether the long-awaited altcoin season will finally materialize, reshaping the landscape of digital assets.
“`
