The co-founders of the Glassnode market information platform identify two catalysts who have to act before the Altcoin season officially starts.
In a new wire On the social media platform X, the co-founders of Glassnode and Swissblock Jan Happel and Yann Alleman say the handle of nine-tropic together-which could start the Altcoin season on the basis of a historical precedent when the Dominantien levels of Bitcoin (BTC) start to fall and its price stabilizes above $ 100,000.
“Flashback to February 2021. In the last cycle, February started the Altcoin season. Could it happen again? Two key factors must be on one line: 1) The dominance of Bitcoin must decrease. 2) Bitcoin must have a stable price above $ 100,000. The scenario seems to be taking shape – will history repeat itself? “
However, the duo continues remark That the most important crypto-asset, measured by the recent rise in dominance and price of market capitalization, has delayed the Altcoin season.
“Dominance: 58%+. Price: Strong above $ 100,000. Fundamental news has given this a boost-oriented market on Bitcoin, so that an Altcoin season will be postponed for the time being. Altcoins? We will have to wait a little longer … but the instructions will start to appear. “
Earlier this week Happel and Alleman said that BTC seems ready to break out on the basis of the Bitcoin Fundamental Index (BFI), which evaluates various aspects of the Bitcoin market, including wallet activity and transaction volume.
At that time they predicted that the crypto king was on its way to a price tag of $ 110,000, but first would come across resistance around $ 106,000.
At the time of writing, Bitcoin acts for $ 106,419, a marginal increase during the last 24 hours.
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