Bitcoin’s Movements Used by Analyst to Predict Altcoin Season Timeline in Crypto Market

Bitcoin, the leading cryptocurrency, has been dominating the recent surge in digital assets, but there are indications that altcoins, smaller players in the market, are preparing for their time in the spotlight.

Crypto analyst CrediBULL Crypto has provided some interesting insights into when this might happen. According to their analysis, there is a significant connection between Bitcoin’s performance and the start of the altcoin season. Typically, altcoins tend to gain momentum once Bitcoin surpasses its previous all-time high (ATH).

So when can we expect the altcoin season to begin? CrediBULL Crypto highlights two historical scenarios that have played out in the past.

The first scenario is the Mega Breakout Scenario. In this case, if Bitcoin breaks its prior ATH and experiences a rapid doubling in value within a few weeks, it usually goes through a mega breakout without much pause. Surprisingly, altcoins may not attract much attention during this period until Bitcoin takes a breather after its initial surge.

The second scenario is the Consolidation Scenario. If Bitcoin reaches its previous ATH but faces rejection or consolidates at the highs for a few weeks before continuing its upward rally, a different pattern emerges. In this case, altcoins often start gaining momentum right after Bitcoin reaches its previous highest point, even as Bitcoin consolidates.

Currently, Bitcoin is on the verge of revisiting its 2021 all-time high, reaching $67,000 this week and showing a substantial 48% gain since the beginning of the year. Interestingly, the overall crypto market has seen a 33% rise during this period, indicating the relatively subdued performance of altcoins.

As of now, Bitcoin is trading above the $67,010 mark, reflecting a 7.42% change over the past 24 hours, with a current market cap of $1,336.98 billion.

In conclusion, while Bitcoin continues to lead the crypto market, there are signs that altcoins might soon have their moment in the spotlight. CrediBULL Crypto’s analysis suggests that the altcoin season could be delayed, but once Bitcoin surpasses its previous ATH, we can expect altcoins to gain traction and rally in their own right.