According to a crypto investment firm, Bitcoin (BTC) breaking its current all-time high of $73,679 will not be sufficient to initiate an altcoin season. In a market report on October 23, analysts from Hashkey Capital expressed their belief that altcoin season is more likely to occur when Bitcoin’s price exceeds $80,000. This target represents an 18% increase from its current price of $67,331. The analysts also argued that for altcoin season to begin, Bitcoin’s dominance would need to range between 62% and 70%. Currently, Bitcoin’s dominance stands at 58.94% after reaching a three-and-a-half-year high of 58.77%. Some analysts believe that an altcoin season is long overdue, with MN Trading Capital founder Michael van de Poppe stating, “This is the longest altcoin bear market we’ve experienced. Longer than the 2014-2016 period, and you’re still here.” Recent price surges in memecoins within the top 100 cryptocurrencies by market capitalization have contributed to the growing confidence among market participants that altcoin season is approaching. Goatseus Maximus (GOAT) has experienced the greatest gains in the past seven days, with a 160.13% increase and a trading price of $0.74. This was followed by Cat in a dogs world (MEW) with a 25.58% increase and Popcat (SOL) (POPCAT) with a 17.13% increase over the same period. However, concerns have been raised that the upcoming altcoin season may be different from previous ones due to traders prematurely investing in highly speculative coins. Glassnode lead analyst James Check commented, “The joke has been told, everybody knows the punchline, and they’ve just gone straight to the punchline, and it is just not funny anymore.” It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.
Hashkey Capital predicts higher likelihood of Altcoin season when Bitcoin reaches 80K