The co-founders of Market Intelligence Platform GlassNode identify two catalysts that need to line up for Altcoin season to officially kick off.
In a new one wire On the social media platform XX, Glassnode and SwissBlock co-founders Jan Happel and Yann Alleman—who together share the handle Negentropic—say that based on historical precedent, altcoin season could begin if Bitcoin’s dominance levels start to fall and its price and its price Stabilizes above $100,000.
“Flashback to February 2021. In the last cycle, the altcoin season started in February. Could it happen again? Two key factors need to align: 1) Bitcoin dominance needs to decline. 2) Bitcoin must have a stable price above $100,000. The screenplay seems to include it – will history repeat itself? “
However, the duo goes further remark that the top crypto asset’s recent rise in market cap dominance and price has delayed altcoin season.
“Dominance: 58%+. Price: Strong hold above $100,000. Fundamental news has supercharged this bitcoin-focused market and delayed an altcoin season for the time being. Altcoins? We’ll have to wait a little longer… but the clues are starting to appear. “
Earlier this week, Happel and Alleman said BTC appears poised to breakout based on the Bitcoin Fundamental Index (BFI), which evaluates various aspects of the Bitcoin market, including wallet activity and transaction volume.
At the time, they predicted that the crypto king was heading for a price tag of $110,000, but would first meet resistance around $106,000.
Bitcoin is trading at $106,419 at the time of writing, up marginally over the past 24 hours.
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