Crypto Traders and Analysts Build Stronger Case For Altseason
Altcoins have largely slept through BTC’s recent ascent to an all-time high, but analysts and traders remain optimistic about the chance of an altseason shortly.
Altcoins are generally in retreat mode again today, as Bitcoin remains stable above $109,000, and their dismal performance has not gone unnoticed by traders and analysts. Lark Davis, a cryptocurrency YouTuber, was among several who noticed that “don’t do anything” until Bitcoin reaches a peak, then retreats and recovers. “That’s the state of the crypto market right now,” he told X on May 26. True, the majority of cryptocurrencies are still well below their top prices from the previous bull market in 2021. So, when is the alternate season coming?
Altseason Coming Soon… Really
Given present market conditions, the majority of analysts and crypto traders believe it will not take long.
On May 27, Bitcoin OG Kyle Chassé stated that while this altseason will be “epic,” it will not be like prior altseasons due to the sheer number of tokens available.
Coingecko presently lists over 17,000 tokens, while CoinMarketCap tracks a staggering 16 million cryptocurrency tokens. However, the majority of these are worthless meme coins for Solana and Base.
Meanwhile, crypto analyst “Merlijn The Trader” told his 385,000 followers on X that “this altseason will make 2021 look small in comparison,” emphasizing that chart patterns strongly support this prediction. While some skeptics argue that altcoins have lost their appeal, Merlijn countered that “institutions are targeting altcoins, especially those with real utility.” Echoing this sentiment, crypto investor “Sensei” warned that “BTC dominance is about to drop significantly,” signaling that “altseason is near.”
One important indicator of the coming of altseason is a fall in Bitcoin’s market dominance, which is now 64.25%, according to TradingView. On May 7, it reached its highest level since January 2021, at 65.4%, but has subsequently decreased significantly. Nonetheless, the statistic has been increasing since the beginning of 2023.
Altcoins Are Not Ready to Pop yet
Cryptotrader “Moustache” shared the opinion, adding that altcoins are “on the verge of a parabolic rally like in 2017 or 2021,” citing chart patterns that are strikingly similar to previous market cycles. Returning to the present, cryptocurrencies are primarily losing money, with XRP, Solana, Hyperliquid, and Sui suffering the greatest daily losses.
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