Analysts Renew Calls for ‘Biggest Altseason’ Eyeing Cryptocurrency Market Breakout
The calls for altcoin season have resurfaced on crypto social media, as analysts anticipate a fourth-quarter breakout for Bitcoin and the crypto markets. Crypto market watchers have been studying the charts for signs of an altcoin breakout. However, they have yet to make a significant move and normally follow after a Bitcoin rally.
On September 24, Glassnode co-founder ‘Negentropic’ noticed the Bitcoin/altcoin cycle and noted that altcoins had followed BTC’s bullish momentum. “It seems that we are on the verge of an altcoin season,” he stated before adding, “We are bound to experience it intensely once BTC breaks its ATH and enters uncharted territory.” Bitcoin is currently roughly 14.5% down from its all-time high, whereas the majority of altcoins
Altcoin Season Around The Corner?
According to the expert, the conventional rotation cycle will begin with BTC, followed by Ethereum, large-cap altcoins, and finally smaller-cap tokens. “Since May, we have seen Bitcoin push up three times without any sign of altcoin season,” he remarked. The Altcoin Cycle indicator spiked to near-50 before Bitcoin showed strength. We have a sense the next run-up will be together.” Furthermore, Bitcoin has had its best-ever September, a generally gloomy month, in terms of gains, up nearly 9% thus far.
On September 23, Web3 developer ‘Tracer’ forecasted that “the biggest altseason will start in 9 days.” They also mentioned that this had happened twice before, in 2017 and 2021. Meanwhile, ‘Elja’ warned his 686,000 X followers that the “biggest altseason will begin in Q4,”
Another factor influencing altseason is Bitcoin dominance, which is currently at a three-and-a-half-year high of 57.5%, according to Trading View. Analysts believe that BTC dominance has peaked and may go below 50%, which would be excellent news for altcoins.
Today’s Top Altcoin Performers
Crypto markets have fallen 1.6% on the day, with the overall value decreasing to $2.31 trillion at the time of writing. However, a few altcoins continue to outperform at the present. These include Near Protocol (NEAR), which has increased 14.5% in the last 24 hours to $5.21.
TAO , an AI token, is still flying, up another 5% on the day, bringing its weekly gains to an impressive 84%. Bitcoin layer-2 project Stacks (STX) is also performing nicely today, up 7%. Arweave (AR) and Celestia (TIA) both pump 16% and 20%, respectively.