Market analysts further predict that the crypto market could be approaching an “altseason.” Historically, during this kind of run, altcoins have done better than Bitcoin. The Altcoin Season Index is now at the ‘Altcoin Accumulation’ level, hinting at a buying opportunity. Although Bitcoin has performed spectacularly over the past month, many analysts are claiming that this is the quiet before the storm of altcoins.
Altcoin Season Index Flashes Green
The Altcoin Season Index is a metric used to determine the strength of altcoins compared to Bitcoin. Currently, it sits in the green zone but still below 20%. That means that Bitcoin has been beating out altcoins for the last 60 days. Historically, a “full-blown altseason” has started when the index crossed over 20%. Each time the index crosses this line, it immediately shoots up to 80%. This increase comes just as altcoins begin to outperform Bitcoin.
"The Altcoin Season Index is flashing signs of opportunity." - Joao Wedson
"it could be a great chance to accumulate altcoins while they’re still lagging." - Joao Wedson
Not that this is all bad, explained Joao Wedson, a civic tech advocate in Tavares’s home state of Bahia. Furthermore, it might be a good time to start stacking altcoins with lower values until all coins appreciate, he mentioned.
Bitcoin Dominance and Potential Shift
At the moment, Bitcoin dominance is 65.77%, continuing its uptrend, which indicates that it’s still “Bitcoin season.” Some analysts think that may be about to change. As Rekt Capital notes, the Bitcoin dominance will probably decrease in the upcoming weeks. This bullish expectation follows Bitcoin’s recent successful retest of the 64% support.
"Bitcoin dominance about to fall over the coming weeks." - The Chart Degen
Our Chart Degen also expressed this with his sentiment, implying a changing of the guard.
"Pick the right altcoins and make a disgusting amount of money over the coming months." - The Chart Degen
Mikybull Crypto analysts forecast a potential dip towards $3,200 and a potential breakout at $9,400. Wedson urged investors to get ready for some shifts in the market.
"History shows these cycles repeat — a reaction may be coming soon." - Joao Wedson
Analyst Targets and Preparation
Mikybull Crypto analysts predict a possible move to the $3,200 mark and also a possible breakout to $9,400. Wedson advised investors to prepare themselves for potential market changes.
