Cryptocurrency analyst Crypto Capital Venture recently discussed the possibility of altcoin season and suggested that based on historical trends, altcoin season has not yet arrived. In a recent video, the analyst explained that while some altcoins may be on the rise, true altcoin season is not here yet.
Altcoin season isn't quite here yet, but it could be rapidly approaching, especially given current market trends and the possibility that Bitcoin will break through key resistance levels soon. Analysts suggested that.
He explained that Bitcoin is approaching the door of a bull market, but has not yet broken through it. This is an important aspect to consider when discussing the start of the altcoin season. For altcoin season to begin, Bitcoin needs to consistently close weekly candlesticks above approximately $57,000.
If Bitcoin bursts through the bull market door in the coming weeks, we will have the opportunity to compare its performance with altcoins such as Cardano (ADA) and Ethereum (ETH). When Bitcoin broke through a similar resistance level in November 2020, there was a noticeable impact on Bitcoin's dominance, which declined as altcoins soared. This trend was particularly evident for ADA and ETH, which saw significant gains compared to Bitcoin.
Similar to previous cycles, analysts noted that Bitcoin has yet to break through the doors of these bull markets in the current cycle. However, there are signs that such a breakthrough could happen soon and lead to a surge in altcoin prices.
Using historical data from past cycles, the analyst emphasized the importance of monitoring Bitcoin price movements and their impact on altcoins. Investors can predict the start of altcoin season by observing patterns such as trends in Bitcoin's dominance and altcoin's performance relative to Bitcoin. At the time of this writing, Bitcoin is trading at $51,500.
