The post Crypto Markets Continue to Consolidate; Can We Still Expect an AltSeason 2023? appeared first on Coinpedia Fintech News
Crypto markets, which were on a roller coaster ride for a while, have now chosen to remain less vigilant. Mainly due to the large-cap tokens trading within a very narrow range with fewer chances of a bullish breakout. It is worth noting that the majority of the altcoins tend to follow the trend followed by the star crypto, Bitcoin. Now that the BTC price is displaying a neutral trend with an equal possibility of bullish and bearish trends, what could be the probability of an AltSeason in 2023?
AltSeason starts when the money from Bitcoins flows into various altcoins, increasing their dominance. Ever since the start of 2023, the BTC dominance has been rising and also surpassing 50% for the first time in the past couple of years to mark the yearly highs at 52%. This was when the expectation of an altseason was laid down, while the investors expected a huge Bitcoin bull run.
However, a popular analyst, Altcoin Sherpa, believes the altseason could start in December or January 2024.
As specified by the analyst, December & January are the best times for Bitcoin, which has surged in these times historically, even during the bear markets. A similar price action has also been observed with the ETH price. Moreover, the analyst refers to the ETH/BTC pair as a nice indicator for the total macro altcoin market, which usually stretches decently from December–January.
Along with this, BTC dominance also goes down in these times, which raises the altcoin value within the altcoin/bitcoin pair, suggesting altcoins outperform Bitcoin. The analyst believes that there could be 2 to 6 weeks of really good times, while the BTC price could either range or grind up. Therefore, the ETH/BTC needs to be closely monitored, which is expected to go as low as 0.57 to 0.52, which can be a good time to buy, probably close to the end of the year 2023.