Lider kripto para Bitcoin (BTC)$BTC
The altcoin season has taken its place on the agenda as it approaches $66,000. So, will the altcoin bull really begin?
The crypto market, which was activated by China's economic incentive announcement, continues to rise. Pricing the positive atmosphere in global markets, BTC touched $66,000. This momentum gained by Bitcoin also caused altcoins to rise.
Analysis platform AMBCrypto examined the development of altcoins in the days when BTC gained strength. The analysis emphasized that some conditions must be met for the altcoin season to fully begin.
How Will the Altcoin Season Begin?
Bitcoin nearing an all-time high has increased the appetite of crypto investors. Investors have started to take action for a possible altcoin bull run. Many altcoins have gained between 30% and 50% since the beginning of October.
The rise of many coins in the crypto market has strengthened the idea that altcoins will outperform BTC. While speculations about the altcoin season have increased, important signals have also begun to come from analysis.
AMBCrypto made some remarkable findings in the analysis published under the title “Altcoin season may have to wait a little longer.” The analysis included the following statements: “The altcoin season will begin with 37 of the top 50 altcoins outperforming BTC.”
According to current price charts, 17 of the top 50 altcoins outperformed BTC. SUI, which stands out among altcoins, recorded a 155% increase.
Pointing out that the necessary accumulation for the altcoin season has not yet been achieved, the analysis stated that short-term gains in altcoins will continue unless the BTC price reaches its all-time high.
AMBCrypto warned that a price correction in BTC could occur suddenly. Expecting a drop below $64,000, the analysis predicted that BTC would reach a new all-time high after this pullback. Stating that the altcoin bull is dependent on BTC, AMBCrypto noted the following:
“The criteria for an altseason largely depend on the initial move of BTC. When BTC gains momentum, altcoins usually follow suit. If altcoins show resistance to the expected BTC correction, a potential altseason could begin.”
