Altcoins, cryptocurrencies other than Bitcoin, are finally starting to break away from Bitcoin’s dominance. Experts are predicting a massive altcoin season – a period where altcoins see huge price increases – and it could be the biggest one yet.
Bitcoin’s Grip Loosens
For a long time, altcoins have largely followed Bitcoin’s price movements. When Bitcoin went up, altcoins usually went up too, and vice versa. But that’s changing. On-chain analyst João Wedson says this correlation is weakening. Altcoins are becoming more independent, charting their own courses. This “stubbornness,” as Wedson calls it, is a strong indicator of an upcoming altseason.
He points out that while Bitcoin is at an all-time high, many altcoins have limited downside. This is a classic precursor to capital flowing into altcoins, making an altseason almost inevitable, according to Wedson. He expects it to be fast and furious, happening regardless of whether Bitcoin’s price goes up or down. He cautions investors, though, to diversify; holding only Bitcoin or stablecoins right now might not be the smartest move.
Predicting the Altseason
Another analyst, Mags, agrees. Using technical indicators like the RSI and MACD, Mags sees a pattern that mirrors the one before the 2021 altseason. This pattern suggests a significant drop in Bitcoin’s market dominance, leading to a massive altcoin rally. Mags believes this altseason could be even bigger than the last one.
