#Altseason has arrived this Uptober! 🔥
Altcoins are on the verge of a breakout, with many expected to soar in the next few months.
A $200 investment today could potentially become $20,000 by next year!
Here’s why this might be the ideal setup for a significant bull run:
Potential Catalysts
In addition to predicting the start of altseason, BitMEX co-founder Arthur Hayes outlined several potential catalysts that could significantly influence upcoming market rallies. He linked these expected market movements to macroeconomic factors, particularly the issuance of US Treasury bills (T-bills).
Hayes believes that this could introduce new liquidity into the crypto markets, potentially driving Bitcoin toward the $100,000 mark within this cycle.
This influx of funds is anticipated to benefit Bitcoin and positively impact Ethereum and the wider altcoin market.
Hayes also discussed the upcoming US election and its likely effects on the crypto market. Describing it as “a coin toss,” he noted that with the election in early November and Janet Yellen at “peak manipulation” in October, there will be no better time for liquidity this year.
He added, “I will sell into strength. I won’t liquidate my entire crypto portfolio, but I will take profits from my more speculative momentum trades.”
Finally, Hayes addressed US debt issues and reiterated his $1 million Bitcoin prediction, stating:
“Once the US debt ceiling situation is resolved, liquidity will flow from the Treasury and possibly the Fed to stabilize the markets. That’s when the true bull market will begin. $1 million Bitcoin remains my base case.”
Historically, altcoin season, or 'altseason,' characterized by the strong performance of alternative cryptocurrencies compared to Bitcoin, typically begins after a significant rise in BTC’s price.
Arthur Hayes, co-founder of BitMEX and Chief Investment Officer at Maelstrom Fund, recently elaborated on when the next altseason might commence.
In his latest Substack blog post titled "Water, Water, Everywhere," Hayes outlines key price targets for Bitcoin and Ethereum that are critical for triggering the next altcoin rally.
He asserts that for altcoins to start a bullish trend, both Bitcoin and Ethereum need to surpass important psychological thresholds. Specifically, Bitcoin must break above $70,000, and Ethereum must exceed $4,000 to create the right conditions for a broader altcoin surge.
These levels are vital for restoring investor confidence and facilitating capital flow into smaller-cap coins. Hayes noted:
"Altseason will only resume once Bitcoin and Ether clearly break through $70,000 and $4,000, respectively. While Solana is expected to rise above $250, its impact on the overall crypto market is not as significant as that of Bitcoin and Ether, due to their larger market caps. A rally in Bitcoin and Ether, driven by dollar liquidity toward year-end, will lay a strong foundation for the return of an exciting altcoin market." #Write2Earn!
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