The remarkable Bitcoin scenario for the altcoin season.
Now that the Bitcoin ($BTC ) price is approaching $ 70,000, speculations about the altcoin season have begun to emerge.
Crypto analysts have begun to evaluate the conditions required for a potential altcoin bull. Many views argued that Bitcoin dominance should experience a sharp decline. The rally scenario created by Hashkey Capital analysts drew attention.
Hashkey Capital analysts claimed in their market report dated October 23 that the altcoin season is dependent on BTC. Analysts used the following statements;
“In an optimistic scenario, an altcoin season will be more possible when the price of Bitcoin exceeds $ 80,000.”
If the Bitcoin price rises, the altcoin season begins
According to analysts, the Bitcoin (BTC) price exceeding its all-time high of $ 73,680 will not be enough for the altcoin season. Hashkey Capital analysts stated that BTC needs to increase by nearly 20 percent for a potential altcoin rally.
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Analysts, who stated that the BTC price will gain dominance while it rises, argued that the dominance of the leading cryptocurrency should reach between 62 percent and 70 percent. BTC has a dominance of 58.77 percent in the crypto market.
Many analysts believe that a potential altcoin season is overdue. Michael van de Poppe, founder of MN Trading Capital, commented, “This is the longest altcoin bear market we have experienced.” Poppe emphasized that the eager approach of institutional investors in the longest altcoin bear market in history is a bullish signal.
Several memecoins, which are among the top 100 cryptocurrencies by market value, have changed the balances by recording significant increases in the last seven days.
A memecoin called Goatseus Maximus (GOAT) has increased by 160 percent in the last seven days. The memecoin, which has a market value exceeding $700 million, was listed by Binance. MEW and POPCAT followed GOAT's performance.
