Originally published on: October 24, 2024
As Bitcoin continues its bullish trend, reaching $67,778 and breaking its previous all-time high of $73,679, crypto investment firm Hashkey Capital believes that the real altcoin season will kick-start when Bitcoin surpasses $80,000.
According to analysts at Hashkey Capital, altcoin season is more likely to occur when Bitcoin’s price exceeds $80,000, which is approximately 18% higher than its current price. The analysts suggest that for altcoin season to truly begin, Bitcoin’s dominance in the market will need to reach between 62% and 70%.
Currently, Bitcoin’s dominance stands at 58.94%, after hitting a high of 58.77%, signaling a possible shift towards altcoins. Some experts feel that the altcoin season is long overdue, with market participants gaining confidence as memecoins like Goatseus Maximus (GOAT) and Cat in a dogs world (MEW) experience significant price surges.
In the past seven days, GOAT has seen a remarkable 160.13% increase, trading at $0.74, while MEW and Popcat (SOL) (POPCAT) have also shown gains of 25.58% and 17.13%, respectively. These positive movements in the altcoin market hint at a potential shift towards altcoins in the near future.
However, concerns have been raised about the premature speculation in certain coins leading to a delay in the altcoin season. Analysts warn against jumping into speculative coins too early, as it may impact the overall market sentiment and delay the much-anticipated altcoin season.
It’s important to note that this article does not offer investment advice, and readers are encouraged to conduct their own research before making any financial decisions. Stay informed with critical insights on investment opportunities and market trends by subscribing to the Markets Outlook newsletter for weekly updates.