Bitrabo Editorial
Arthur Hayes, the former CEO of BitMEX, a well-known cryptocurrency exchange, has given insights into when the altcoin season might commence. He indicates that the initiation of the altcoin season will depend significantly on the performance of the world’s top cryptocurrencies, Bitcoin (BTC), and Ethereum (ETH).
Expected Kick Off Time for Altcoin Season
In a blog post published on August 12, Hayes delves into the dynamics of the crypto market and the broader financial landscape of the United States. He points out the essential conditions required to trigger the beginning of the next altcoin season during this bullish market cycle.
Hayes suggests that Bitcoin and Ethereum are currently witnessing sustained buying pressure, indicated by the presence of “structural bids,” predominantly influenced by inflows into US-listed Exchange Traded Funds (ETFs).
He predicts that the altcoin season will commence once Bitcoin surpasses $70,000 and Ethereum crosses the $4,000 mark. Additionally, Hayes anticipates a significant surge in Solana to $250, although he expects this growth to be overshadowed by Bitcoin and Ethereum.
Hayes notes that the impact of Solana’s rally on the crypto market will not be as powerful as that of Bitcoin and Ethereum due to Solana’s comparatively smaller market capitalization.
He expresses optimism about the potential performance of cryptocurrencies during the altcoin season, foreseeing a solid foundation for a broader bullish trend in altcoins following a rally in Bitcoin and Ethereum driven by an increase in dollar liquidity.
Analysts’ Growing Expectations of an ALT Season
Multiple crypto analysts are increasingly vocal about their expectations of an altcoin season within this bullish cycle. One analyst, known as ‘Crypto Rover,’ suggests that several utility-based cryptocurrencies are starting to surge, hinting at the approaching altcoin season.
Another popular crypto analyst, Ali Martinez, points out a specific cryptocurrency poised for a massive rally during the altcoin season. Martinez highlights Polygon (MATIC) as a potential standout performer, indicating a substantial growth that could lead to a significant value surge.
Martinez’s optimistic prediction for Polygon may face invalidation if MATIC experiences a weekly close below $0.3.