While the leading cryptocurrency Bitcoin was very close to its previous ATH of $69,000, it experienced a correction as high as $65,000.
While all investors and the market are waiting for BTC to make a new ATH, they are also watching when the altcoin rally will start.
At this point, while some senior market analysts believe that investors may start converting their money from Bitcoin to altcoins and thus start the new altcoin season, an analyst nicknamed CrediBuLL Crypto, who is closely followed by investors, evaluated the possibility of an altcoin rally.
Offering two possible scenarios in terms of altcoin rally, the analyst argues that altcoins may start to perform better once Bitcoin exceeds its previous ATH, while falling into a dilemma regarding the timing of the expected altcoin rally.
At this point, the analyst summarized two possible scenarios based on historical data as follows:
“I have said many times before that altcoins will start to outperform once BTC breaks its previous ATH. So when exactly will altcoins take the lead?
Two possible scenarios that could occur based on historical data:
1-In the first scenario, BTC sharply exceeds its previous ATH and its value rapidly doubles within a few weeks. Altcoins may not see significant gains as attention focuses on BTC during this rapid rise. Altcoins can only see a rally when BTC starts showing sideways movements after breaking its ATH.
2-As an alternative second scenario, BTC may reach the previous ATH level but face rejection or consolidation at these levels for a few weeks. During this period of consolidation, altcoins may begin to recover as BTC strengthens. Later, when BTC continues its upward path and doubles in value, altcoins may rally along with BTC.
In the first scenario, altcoins begin to recover en masse a few weeks after BTC's ATH breakout. In the second scenario, they start to recover immediately after BTC starts to rise after ATH.
The key takeaway here is that after BTC reaches its previous ATH, whether at the previous ATH or well above that level, altcoins will begin to recover during BTC's first major stall, the consolidation phase.
One way or another, a mega altcoin season is approaching.”
So wen altseason?
Let me break it down:
I have previously said many times that alts will begin outperforming once $BTC breaks prior ATH. But exactly when will they take the lead?
Two scenarios that have played out in the past:
1. BTC breaks prior ATH with conviction and goes…
— CrediBULL Crypto (@CredibleCrypto) March 4, 2024
*This is not investment advice.
