Is the Next Altcoin Season Just Around the Corner?
Ive been in the market since 2015, and based on my experience, the whole market is set to move into a bull phase next year. Here’s why.
Key Approvals and Sentiments
The spot Bitcoin ETF (Exchange-Traded Fund) is currently trying to gain approval in the USA. As of now, the SEC (Securities and Exchange Commission) has delayed the final decision twice, with the last decision expected in March 2024. This decision will line up with the Bitcoin halving, scheduled for April 2024, which often signals a bullish market.
BTC ETF Market Potential
There are 14 companies actively working to get a spot Bitcoin ETF off the ground, with major players like BlackRock and ARK Innovation. If all these applications are approved, it could inject around 20 trillion dollars into the market. This influx of capital would undoubtedly signal a strong uptrend in the market.
Current Accumulation Phase
Currently, we are in the final six months of an accumulation phase. This means that if you are looking to purchase more, now is the time to do so.
Bitcoin’s Future Prospects
Based on a conservative prediction, the price of Bitcoin could reach between 150k and 180k. However, some predict a higher range of 200k to 250k. Only time will tell what the future holds.
Historical Trends in Altcoins
Altcoins have historically rallied after a strong Bitcoin rally. Once traders take profits from Bitcoin, they usually reinvest in altcoins. Altcoin seasons are often observed when Bitcoin reaches its previous all-time-high (ATH).
Previous Altcoin Seasons
Based on previous patterns and market behaviors, altcoin seasons usually occur shortly after Bitcoin tops, and money starts flowing out of Bitcoin towards altcoins on major exchanges like Coinbase, Primexbt, Kraken, etc. I expect the next altcoin season to be larger than previous ones due to a significant influx of new capital.
Patterns and Timing
Historically, altcoin seasons have coincided with specific times. For instance, in 2017, Bitcoin broke its previous all-time-high of 1143 on February 24th, which was followed by a major altseason starting three days later and lasting 3.5 months. The same could happen this time if Bitcoin breaks its previous all-time-high of 20000. This would indicate that investors are taking profits on Bitcoin and reinvesting in altcoins.
Current Signs and Predictions
Since Bitcoin is already very close to its ATH, an altseason could have started already. Two weeks ago, altcoins started pumping dramatically, with significant gains in YFI and UNI. These movements suggest that a major altseason could be upon us.
Conclusion
The market is currently heating up, and the possibility of an altcoin season is more pronounced than ever. If you find this information helpful, please leave an upvote. For those interested in holding the best altcoins during this season, you can consider my exact portfolio allocation on EmberFund. For larger portfolios, you can contact me via email.