According to one market analyst, the Altcoin season may not happen, at least until after the time Bitcoin Halving in 2024.
For now, analysts don’t seem to expect any major swings from the altcoin market until next year. The remaining months of 2023 are predicted to remain relatively stable for Altcoins, unless there is a big move by the big brother, Bitcoin (BTC).
That means we will probably have more time to accumulate more Altcoins. It is predicted that the market will not see any major movements for the rest of 2023.
Specifically, on July 10, crypto analyst ‘@IamZeroIka’ said that altcoins are currently facing a massive accumulation phase. This is in the market capitalization range of $290 billion to $460 billion. According to the analyst, this is expected to last until next year after the Bitcoin Halving, which is estimated to be scheduled around April.
- source: Twitter/@IamZeroIka
The analyst used a chart that shows the total crypto market capitalization when Bitcoin and Ethereum are not taken into account. This clearly shows the extended period of sideways trading for the Altcoin market during the past and present “bear market”. And at the present stage, we are halfway there. So we probably won’t see a big enough move for Altcoins until mid-2024.
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Altcoin season is usually slower than Bitcoin and Ethereum’s big movements. BTC has rallied twice this year and is up over 80% since the beginning of 2023. However, the same is unlikely for most Altcoins, which are still falling massively from their all-time highs. recent bull market.
Cryptocurrency trader ‘@CryptoTony__’ has posted a document demonstrating how the Altcoin season has played out in previous market cycles. The exception could be Ripple’s XRP if the company wins a lengthy court battle with the US Securities and Exchange Commission. A win for the fintech company could double the price of XRP in a very short time. However, the opposite would be worse as it has the potential to halve in value if the SEC wins and it is considered a security.
- source: Twitter/@CryptoTony__
Most of the high-cap Altcoins are still in the doldrums, so the hypothesis of continued accumulation is very likely. Binance, which has been plagued with regulatory issues this year, is seeing the price of BNB drop 66% from its peak.
However, it is still much luckier compared to Cardano (ADA), Dogecoin (DOGE), Solana (SOL), Bitcoin Cash (BCH), or Avalanche (AVAX) when these coins have all suffered losses. 90% of their highs.
