Arthur Hayes, co-founder and former CEO of BitMEX, a popular cryptocurrency exchange, predicted when will altcoin season start. Based on Haye’s analysis, the start of the altcoin season will depend on the results Bitcoins (BTC) and Ethereum (ETH), the two largest cryptocurrencies in the world.
When will the altcoin season start
IN blog post In a speech published on August 12, Hayes discussed the dynamics of the cryptocurrency market and the broader context United States (US) Financial Landscape. While discussing a range of financial issues, Hayes focused on key conditions that could trigger the onset of another altcoin season in this growth cycle.
The co-founder of BitMEX pointed out that Bitcoin and Ethereum now have “structured offers,” suggesting that both cryptocurrencies are experiencing sustained buying pressure. This is primarily due to net inflows into ETFs listed on the US stock exchange.
Hayes believes the next altcoin season will start when Bitcoin and Ethereum experience a large surge to novel highs. He revealed that if Bitcoin breaks $70,000 and Ethereum price exceeds $4,000that’s when the altcoin season will officially begin.
In addition, the co-founder of BitMEX emphasized that Salt (NO) could potentially see a massive rally to novel highs. He predicts Solana will hit $250, but he also exclaims that this rally could be dwarfed by Bitcoin and Ethereum.
Hayes noted that the impact of Solana’s expected price escalate on the broader cryptocurrency market will not be as sturdy as it was for Bitcoin and Ethereum. He revealed that this disparity is attributed to Solana’s relatively smaller market capitalization compared to Bitcoin and Ethereum.
In addition, the BitMEX co-founder expressed optimism about the performance of cryptocurrencies during the altcoin season. Hayes suggested that Bitcoin Rally and Ethereum by the end of the year, fueled by increased dollar liquidity, could create a solid foundation for a broader uptrend in the altcoin market.
Analysts are expecting ALT season more and more
Many cryptocurrency analysts continue to voice their opinions waiting for altcoin season in this bull cycle. A cryptocurrency analyst identified as “Crypto Rover” revealed on X (formerly Twitter) fasting that numerous utility-oriented cryptocurrencies are starting to emerge, which may herald the imminent arrival of altcoin season.
In another Posts X On August 13, popular cryptocurrency analyst Ali Martinez highlighted that one of the cryptocurrencies on the market is set to experience a massive rally during the altcoin season. The analyst revealed that if the altcoin season finally begins, Polygon (MATIC) “will melt faces.” This suggests that the cryptocurrency could experience rapid growth that could lead to an explosive escalate in value.
While highlighting this bullish scenario to Polygon, Martinez also admitted that his confident forecast could prove invalid if MATIC closes the week below $0.3.
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