As Bitcoin ($BTC ) approaches the $66,000 mark, altcoin enthusiasts are buzzing with speculation about the much-anticipated altcoin season. However, with Bitcoin continuing its upward momentum, the start of this altcoin rally may face delays.
The crypto market has been riding a wave of optimism, partly spurred by China's recent economic stimulus announcement. Bitcoin has benefited significantly from this improved global outlook, surging to $66,000. This price action has led to a parallel rise in various altcoins, further fueling excitement among traders. According to analysis by AMBCrypto, several factors still need to align before we can officially declare the onset of altcoin season.
As Bitcoin nears its all-time high, investor enthusiasm is high, particularly as many altcoins have posted gains of 30% to 50% since October began. This surge in altcoins has sparked debates about whether they are poised to outperform $BTC . However, AMBCryptoâs analysis points out that for altcoin season to truly begin, 37 of the top 50 altcoins must outshine Bitcoinâs performance. Currently, only 17 have done so, with $SUI leading the pack with a remarkable 155% increase.
Despite this upward trend, the analysis warns that the necessary market conditions for an altcoin boom have yet to fully materialize. Short-term gains are possible, but a true altcoin rally may not emerge until Bitcoin surpasses its all-time high. Additionally, AMBCrypto highlights the potential for a correction in BTCâs price, with a possible dip below $64,000. After this correction, the analysis predicts Bitcoin could then push towards setting a new all-time high, which may finally trigger the altcoin season.
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