The altcoin season typically thrives after money circulation comes from the Bitcoin market. Most times, the altcoin market tends to enjoy higher gains after the Bitcoin market registers a solid uptrend. Nevertheless, there are unique instances that result in the altcoins’ boom, mostly due to a sudden increase in demand caused by FOMO traders. Currently, the Bitcoin market has been correcting since experiencing a high resistance level between $29k and $31k.
Bitcoin Crash Incoming?
Trading around $27k on Tuesday, the Bitcoin market is likely to continue dropping in the coming weeks amid an increased bearish outlook. Moreover, the Bitcoin weekly chart shows the bears have managed to push below the neckline of a possible head and shoulder formation.
Related: Bitcoin Mania is Fading! Top Reasons Why BTC Price May Not Reach $35,000 in Q2 2023 – Coinpedia Fintech News
When is the Altcoin Season?
According to a popular market insight analyst, Milkybull Crypto, the weakness in Bitcoin’s market is a huge win for the altcoin market. The analyst suggested this in regard to Bitcoin’s market dominance, which has shown signs of dropping further in the coming weeks. Currently, Bitcoin’s dominance stands around 47.88 percent according to the latest market data from TradingView.
As a result, the analyst forecast more cash flow to altcoins will take place between July and September.
“September has always been bullish for ALTS….A drop below 45% will give room for ALTs to excel. July – September is likely going to be green,” the analyst noted.
Here’s What To Expect
The cryptocurrency market has significantly grown from previous bull markets but the speculative aspect is far from gone. Despite the EU introducing new crypto rules through MiCA, among other jurisdictions, the crypto market remains highly volatile compared to the stock market.
As the crypto market ranges in anticipation of the mega bull run triggered by Bitcoin halving next year, both long-term and short-term investors are expected to narrow down in widening their positions.
It seems like Bitcoin has enjoyed its time in the spotlight and now altcoins are ready to grab the eyeballs. Brace yourself for a season of green portfolios and exciting opportunities. We’re excited, are you?!
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