As Bitcoin (BTC) approaches new heights, the anticipation for an altcoin season is rising. According to analysts from Hashkey Capital, a leading crypto investment firm, the next major altcoin surge could be just around the corner—once Bitcoin breaks through the $80,000 mark. This bullish scenario has caught the attention of many market participants looking to profit from the potential gains in altcoins.
Altcoin Season Hinges on Bitcoin’s Rise to $80K
In their October 23 market report, analysts from Hashkey Capital stated that while Bitcoin breaking its current all-time high of $73,679 is significant, it may not be enough to kickstart the next altcoin rally. Instead, they believe that altseason is “more probable” once Bitcoin’s price surpasses $80,000.
This threshold, around 18% above Bitcoin’s current price of approximately $68,000, is seen as the tipping point where altcoins can gain momentum. The firm suggests that, alongside this price move, Bitcoin’s dominance will need to reach between 62% and 70% to set the stage for altcoins to rise. Currently, Bitcoin’s dominance sits at around 58.94%, showing that the market may be on the cusp of a shift.
Bitcoin Dominance and Altcoin Season
Bitcoin dominance refers to the percentage of the total cryptocurrency market capitalization that is made up of Bitcoin. As Bitcoin dominance rises, it typically absorbs liquidity from the altcoin market. However, once Bitcoin stabilizes or reaches key levels, that liquidity often flows into altcoins, sparking a period of significant gains for alternative cryptocurrencies.
Some analysts argue that the market is long overdue for a major altcoin rally. Michael van de Poppe, the founder of MN Trading Capital, recently noted that this has been “the longest altcoin bear market we’ve experienced,” and many market participants who have held through the downturn are now eagerly awaiting the next big move.
Memecoins Leading the Charge
Interestingly, several memecoins, which are among the top 100 cryptocurrencies by market capitalization, have seen sharp price surges in recent days. This could be an early indicator that market confidence is returning to altcoins and that a broader altcoin season may be on the horizon.
The crypto market’s attention is now focused on Bitcoin’s journey toward the $80,000 milestone. With the right conditions in place, this could trigger massive gains across a variety of altcoins, making it a prime opportunity for traders and investors looking to capitalize on the next big wave in crypto.
Don’t Miss Out on the Opportunity
As Bitcoin edges closer to $80,000, the window for easy and authentic profits in the altcoin market is narrowing. Crypto investors should keep a close eye on both Bitcoin’s price movements and its dominance within the market. The potential for an altcoin season is growing stronger, and those who position themselves wisely could reap significant rewards in the coming months.
