When is the altcoin season reborn? – Bitcoin magazine

After a week of intense volatility and correction, altcoin prices appear to be stabilizing. Accordingly, a number of analysts and crypto enthusiasts are predicting an upcoming altcoin season. Although prices fell from May to June, some altcoins rebounded, gaining market share from Bitcoin.

The Altcoin Season Index (Altcoin Season) is currently 47 at the time of going to press.

Performance of the top 50 cryptocurrencies in 90 days | Source: Blockchain center

In addition, according to the index, “if 75% of the top 50 coins have outperformed Bitcoin in the last 90 days, then it’s altcoin season”.

Source: Blockchain center

The question now is, when does the altcoin season start?

Analyst Michael van de Poppe suppose i think:

“The altcoin season begins when no one is interested in altcoins. It may have already started as each coin is slowly moving from the lows. Bitcoin is about to have a major outbreak. “

Analysts have to discuss about the arrival of the altcoin season in the latest video. He says:

“Given the current fear and greed index and mood, now is a good time to collect.”

Additionally, he uses two charts to further substantiate his claim: the BTC Dominance Chart and the ETH / BTC Chart.

Bitcoin dominance rate

Source: Michael van de Poppe

“The dominance of Bitcoin (BTC.D) seems to be increasing a bit at the moment. A big drop (as seen above) came about because ETH and ADA were doing well. So if BTC.D can bounce back to 50-53% (compared to the current period) it will be a great retest before falling any further. Watch out for altcoins at this point. “

While the BTC dominance chart points to the 53% level, ETH / BTC will play an important role as the dominance chart is in contrast to the ETH / BTC chart.

Source: Michael van de Poppe

In an interview about ETH, Poppe said:

“Bitcoin dominance has lower highs and lows, but if they want to hit the 53% point and do some nice retests there, ETH also needs to ease (rectangular) conditions by dropping to 0.045-0.05 BTC.”

But even if ETH drops to that level, that’s not bad at all, as it is just retested before a new cycle begins.

Looking back on the 2016 charts, if the price action repeats, Bitcoin will slowly rise again and run several level tests before it begins to accelerate. Until then, altcoins can outperform Bitcoin.

In terms of ETH / USDT, when BTC hits bottom, ETH will go the same way, overtaking Bitcoin in the process.

“If Bitcoin stays below the $ 60,000 mark, there is no reason for BTC to suddenly accelerate as it usually happens above the critical level.”

In addition, there have been predictions confirming that Bitcoin has bottomed out and is also outperforming Grayscale’s unlocking effect. The analyst says that when the leading cryptocurrency hits higher lows and the trend starts to change, like in March 2020, this is the time when altcoins finally gain momentum as people sell bitcoin to buy altcoins .

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