While investors are waiting for the long-term declines in Bitcoin (BTC) and altcoins to end and the bull rally to begin, a new forecast came from Haskey Capital.
At this point, crypto investment company HashKey Capital answered the question on investors' minds: “When will the altcoin season start?”
Accordingly, HasKey Capital claimed that it would not be enough for Bitcoin to surpass its previous ATH of around $73,600 for the altcoin rally to begin, and argued that BTC must surpass $80,000 for the altcoin rally.
HasKey Capital analysts say that an altcoin rally is more likely to begin when Bitcoin reaches $80,000 and continues its rise.
The $80K estimate represents an 18%-19% increase from its current price of $67,400.
HasKey analysts also added that Bitcoin’s dominance would likely need to reach between 62% and 70% for the altcoin season to begin. Currently, Bitcoin’s dominance sits at around 59.1%.
Analysts have recently pointed out that despite a long-standing bear market in altcoins, some memecoins have risen recently, with one of them being Goatseus Maximus (GOAT), which has surged by around 160% in the past week.
*This is not investment advice.