The co-founders of Glassnode, a market intelligence platform, are highlighting two key catalysts that must align for altcoin season to kick off.
In a recent thread on X, Jan Happel and Yann Alleman, co-founders of Glassnode and Swissblock, known as Negentropic, pointed out that for altcoin season to begin, Bitcoin’s dominance levels must decrease and its price must stabilize above $100,000, following historical patterns.
“Looking back at February 2021, altcoin season started during that cycle. Could history repeat itself? For altcoin season to kick off, two key factors must align: 1) Decrease in Bitcoin dominance. 2) Bitcoin maintaining a stable price above $100,000. The current scenario seems promising – will we see history repeat itself?”
However, Happel and Alleman noted in another tweet that the recent increase in Bitcoin’s dominance and price has delayed the onset of altcoin season.
“With Bitcoin dominance at 58%+ and the price holding strong above $100,000, fundamental news has fueled the Bitcoin market, postponing altcoin season. Altcoins enthusiasts will need to wait a bit longer, but signs of change are emerging.”
Earlier this week, Happel and Alleman suggested that Bitcoin is poised for a breakout based on the Bitcoin Fundamental Index (BFI), which assesses various aspects of the Bitcoin market such as wallet activity and transaction volume.
They predicted that Bitcoin could reach $110,000, but might face resistance around $106,000 initially.
As of now, Bitcoin is trading at $106,419, showing a slight increase in the past 24 hours.
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