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Amid continuing sideways price action, traders are caught in two minds about whether an “altcoin season” is coming any time soon.
What Happened: Pseudonymous trader Crypto Vikings highlighted that many altcoins have experienced a 60-80% drop in the past few months. He suggested they have reached their bottom and are now in a good buying zone, with the optimal time to invest for substantial returns coming in the next 6-8 months.
The influencer also pointed out that Bitcoin's dominance is at a significant resistance level, which has historically been a precursor to a massive altseason. The recent approval of the Ethereum ETFs may lead to a rally in Ethereum around August 5-10, similar to the post-Bitcoin ETF rally.
The trader shared having Solana (CRYPTO: SOL), Fetch.ai (CRYPTO: FET), Dogwifhat (CRYPTO: WIF), Pepe (CRYPTO: PEPE) and Bittensor (CRYPTO: TAO) among the 20 altcoins in his portfolio.
Bitcoin trader El Crypto Prof shared the last time altcoins made a golden cross on total market capitalization was in 2020, which was the most exciting part of the whole cycle.
Also Read: Ethereum ‘Monster Move’ Coming After Bitcoin Rally Is Done, Says Trader
Why It Matters: Cryptoquant Founder & CEO Ki Young Ju sees whales prepping up for the next altcoin rally.
Industry expert Benjamin Cowen highlighted Bitcoin's choppy price action since March, which causes altcoin pairs to bleed. He compared the scenario to 2019 when Bitcoin trended down for a while after gold broke out.
He added that Bitcoin dominance is continuing to go slowly higher, despite proclamations of an altseason. He believes that dominance does not top until it hits 60% later this year and predicts altcoin pairs to break down soon. In the last cycle, altcoins broke down one month ahead of the first-rate cut and Cowen expects something similar in this cycle also.
What’s Next: The influence of altcoins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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