Altcoin season incoming: analyst
A Crypto Banter YouTube channel analyst sees the crypto market cycle accelerating into an intense altcoin season soon.
In a YouTube video posted on Dec. 28, the analyst laid out his perspective on where he sees the market heading in the near future.
“We are at the stage of a bull market party,” the analyst stated, referring to the gains seen across crypto assets over the past few months. However, he believes there will be two major legs to this bull run — the first taking us to new all-time highs for Bitcoin (BTC) and major altcoins, then a cooldown period, followed by a breakout above those all-time highs later this year.
The analyst sees “altcoin season” accelerating rapidly now, saying, “We’re getting to the point where things are speeding up fast.” He attributes this to the slowing momentum in Bitcoin, allowing altcoins to “catch up fast.”
With Bitcoin dominance dropping and money flowing out from Bitcoin into altcoins, the analyst thinks the market will see “the biggest alt surge to Bitcoin that we’ve seen in a very long time” coming. His target is for Bitcoin dominance to fall to the 48-49% level in the near future.
It’s a phase of when altcoins really rally up quickly, and then I do think there’s a cool down going into the possible halving.
Crypto Banter
Rather than exiting positions completely, the analyst advises rotating profits into Bitcoin and stablecoins to weather any potential market correction while remaining invested for continued upside.
“Don’t be afraid to bank a whole bunch of cash,” he suggests, noting there may be a four-to-six-week period of consolidation before the next leg higher.
Regarding key levels, the analyst is watching to see if Bitcoin can break through resistance around $46,000-$48,000. Meanwhile, he has a short-term target of $2,500 for Ethereum (ETH), beyond which he believes ETH could rapidly rally to $3,500.
