Analysts renew calls for ‘biggest Altseason’ looking at crypto market

Crypto market analysts have been scouring the charts for signs of an altcoin breakout. However, they have yet to make a big move and usually follow after a Bitcoin surge.

On September 24, Glassnode co-founder ‘Negentropic’ observed the Bitcoin/altcoin cycle noting that the highs have followed BTC’s bullish momentum.

“It looks like we’re on the cusp of an altcoin season,” he said before adding:

“We are bound to experience it intensely once BTC breaks its ATH and enters uncharted territory.”

Bitcoin is currently about 14.5% below its all-time high, while most altcoins are more than 50% away from their peaks.

#Altcoins have followed the bullish momentum of #Bitcoin

It seems that we are on the threshold of an Altcoin season. We are bound to experience it intensely once $BTC breaks his ATH and enters uncharted territory. #Altseason #Altseason2024 pic.twitter.com/7QFoR6Ow6x

— (@Negentropic_) September 23, 2024

Altcoin season around the corner?

The analyst added that first it will be the classic rotation cycle of BTC, then Ethereum will pump, followed by large-cap altcoins, and then to smaller-cap tokens.

“Since May, we’ve seen Bitcoin rise three times with no sign of an altcoin season,” he observed before adding:

“Now we saw the Altcoin cycle indicator rise near 50 before Bitcoin showed strength. We have a feeling the next run will happen together.”

Additionally, Bitcoin has had its best September, traditionally a bearish month, in terms of gains, up nearly 9% year to date.

On September 23, Web3 developer ‘Tracer’ predicted that “the biggest alt season will start in 9 days.” They added that this has already happened twice, in 2017 and 2021. Meanwhile, ‘Elja’ told his 686,000 X followers that “the biggest season will start in the fourth quarter”.

The biggest season will start in Q4

Everything is on the charts pic.twitter.com/rLuMzrvLx4

— Elja (@Eljaboom) September 22, 2024

Another influential factor in the other season is Bitcoin’s dominance, which is currently at a three-and-a-half-year high of 57.5%, according to Tradingview. Analysts have suggested that BTC’s dominance is overtaking and could be due for a pullback below 50%, which would be good news for altcoins.

Today’s Best Altcoin Artists

Crypto markets are down 1.6% on the day and the total cap is down to $2.31 trillion at the time of writing. However, a handful of altcoins are still outperforming at the moment. These include Near Protocol (NEAR), which is up 14.5% over the past 24 hours to $5.21.

AI token TAO (Bittensor) is still flying with another 5% on the day, making its weekly gains a whopping 84%.

The Bitcoin layer-2 Stacks (STX) project is also doing well today with a gain of 7%. Arweave ( AR ) and Celestia ( TIA ) are also pumping 16% and 20%, respectively.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!