Bitcoin’s Pre-Halving Retracement
Crypto analysts believe that Bitcoin’s recent price action suggests an imminent altcoin season. During this period, other crypto tokens typically outperform Bitcoin.
Correction on the Horizon
Analysts have observed that Bitcoin’s funding rate is “mildly high,” indicating a potential correction. This creates an opportunity for altcoins to make significant gains.
Ethereum Leading the Pack
Ethereum, the second-largest crypto token, is expected to lead the altcoin rally, potentially reaching $3,000 for the first time in two years.
Indicators Pointing to Altcoin Season
Technical indicators, such as the Gaussian channel on the Altcoins chart, have turned green after nearly four years, suggesting an impending altcoin season.
Investors Increasing Risk Appetite
On-chain intelligence platform Glassnode reports a growing appetite among investors to allocate capital to altcoins in anticipation of higher returns.
Capital Rotation into Other Ecosystems
Data shows that capital is being rotated into other ecosystems, such as Ethereum, Solana, Polkadot, and Cosmos, indicating a shift away from Bitcoin dominance.
Altcoin Season Index
The altcoin season index currently stands at 61%, with a rise to 75% needed to confirm the start of a full-blown altcoin season.
