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Analysts at Hashkey Capital say altseason could find firmer footing once Bitcoin trades above $80,000.
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Bitcoin (BTC) breaking its current all-time high of $73,679 won’t be enough to kick-start an altcoin season according to a crypto investment firm.
“In an optimistic scenario, altcoin season is more probable when Bitcoin’s price surpasses $80,000,” crypto investment firm Hashkey Capital analysts opined in an Oct. 23 market report.
An 18% Bitcoin price gain could trigger altcoin season
The $80,000 target is about 18% above its current price of $67,331 price and the analysts argued that for altcoin season to start, Bitcoin’s dominance will likely need to reach between 62% and 70%.
Currently, Bitcoin’s dominance is around 58.94% after hitting a three-and-a-half-year high of 58.77%.
Bitcoin dominance is currently 58.94%. Source: TradingView
Some analysts believe that an altcoin season is long overdue. “This is the longest altcoin bear market we’ve experienced. Longer than the 2014-2016 period, and you’re still here,” MN Trading Capital founder Michael van de Poppe stated in an X post.
Several memecoins among the top 100 cryptocurrencies by market capitalization have seen significant price surges over the past seven days, making market participants more confident that altcoin season is on the horizon.
Related: 3 key metrics point to ‘up only season’ in altcoins — Analysts
Altseason might look different this time
Goatseus Maximus (GOAT) has seen the most gains over the past seven days, with a 160.13% increase, trading at $0.74.
Cat in a dogs world (MEW) was next with 25.58% gains across the seven days, while Popcat (SOL) (POPCAT) saw 17.13% over the same period.
Meanwhile, in August, concerns arose that the altcoin season might not unfold as expected due to crypto traders jumping the gun on the most speculative coins early in 2024.
“The joke has been told, everybody knows the punchline, and they’ve just gone straight to the punchline, and it is just not funny anymore,” Glassnode lead analyst James Check stated.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article first appeared at Cointelegraph.com News
