Anika Begay
Arthur Hayes, co-founder and former chief executive officer (CEO) of BitMEX, a popular cryptocurrency exchange, predicted when will the altcoin season startBased on Haye’s analysis, the start of the altcoin season will depend on the performance of Bitcoin (BTC) and Ethereum (ETH), two of the world’s leading cryptocurrencies.
When will the altcoin season start?
In a blog post Published on August 12, Hayes discussed the dynamics of the cryptocurrency market and the broader Financial landscape of the United States (USA). While addressing a range of financial issues, Hayes focused on key conditions that could trigger the start of the next altcoin season in this bull cycle.
BitMEX co-founder indicated that Bitcoin and Ethereum now have “structural bids,” which suggests that both cryptocurrencies are experiencing continued buying pressure. This is mainly due to net inflows into Exchange-traded funds (ETFs) listed in the United States.
Hayes believes that the next Altcoin season to begin once Bitcoin and Ethereum experience a major surge to new highs. He revealed that if Bitcoin breaks above $70,000 and Ethereum Surges Above $4,000 Price Levelthen the altcoin season will officially begin.
Furthermore, the BitMEX co-founder stressed that Solana (DOLE) could potentially experience a massive rally to new highs. He predicts that Solana will hit a price of $250, however, he also exclaims that this surge could be overshadowed by Bitcoin and Ethereum.
Hayes stressed that the impact of Solana’s predicted price increase on the broader cryptocurrency market will not be as powerful as that of Bitcoin and Ethereum. He revealed that this disparity is attributed to Solana’s relatively smaller market cap compared to that of Bitcoin and Ethereum.
Additionally, the BitMEX co-founder expressed optimism about the performance of cryptocurrencies during the altcoin season. Hayes suggested that a Bitcoin rally and Ethereum through the end of the year, boosted by increased dollar liquidity, could create a solid foundation for a broader altcoin uptrend.
Analysts’ Expectations for an ALT Season Rise
Many cryptocurrency analysts continue to express their Altcoin Season Expectations in this bull cycle. A cryptocurrency analyst identified as ‘Crypto Rover’ revealed in an X (ex Twitter) send that several useful cryptocurrencies are starting to rise, potentially signaling the imminent arrival of altcoin season.
In another post X On August 13, popular cryptocurrency analyst Ali Martinez highlighted that one of the cryptocurrencies on the market is set to see a massive rally during the altcoin season. The analyst revealed that if the altcoin season finally starts, then Polygon (MATIC) “will melt faces”. This suggests that the cryptocurrency could see rapid growth that could lead to an explosive increase in value.
While highlighting this bullish scenario for Polygon, Martinez also acknowledged that his optimistic forecast could be invalidated if MATIC posts a weekly close below $0.3.
Featured image created with Dall.E, chart from Tradingview.com
