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Crypto Traders, Analysts Build Stronger Case For Altseason
Altcoins are largely in retreat mode again today while Bitcoin holds steady around $109,000, and their lackluster performance has not gone amiss among traders and analysts.
Crypto YouTuber Lark Davis was among those who observed that “don’t really do anything” while Bitcoin hits a peak, retreats, and recovers. “That’s the state of the crypto market right now,” he said on X on May 26.
It is true, the majority of altcoins are still way down from their peak prices during the last bull market in 2021, so when is altseason coming?
Altseason Coming Soon … Really
The majority of analysts and crypto traders share the opinion that it won’t be long, looking at current market conditions.
On May 27, Bitcoin OG Kyle Chassé said this altseason will be “epic,” but it won’t be like previous altseasons because there are just too many tokens for everything to go up.
Coingecko currently lists more than 17,000 tokens, and CoinMarketCap has a whopping 16 million crypto tokens tracked. However, the vast majority of these are worthless meme coins on Solana and Base.
Meanwhile, “Merlijn The Trader” told his 385,000 X followers that “this altseason will make 2021 look tiny,” before adding that the charts are screaming it and the patterns are perfect.
Some have disagreed, saying that nobody is interested in altcoins anymore. However, the trader replied that “institutions are coming for them,” especially those with real utility.
“BTC dominance is about to dump hard,” said crypto investor “Sensei,” who added “altseason is coming.”
One major signal of the arrival of altseason is a decline in Bitcoin’s market dominance, which is currently 64.25%, according to Tradingview.
It hit its highest level since January 2021 on May 7 at 65.4% but has declined marginally since. Nevertheless, the metric has been in a clear uptrend since the beginning of 2023.
Altcoins Not Ready to Pop Yet
Crypto trader “Moustache” echoed the sentiment, stating that altcoins are “on the verge of a parabolic rally like in 2017 or 2021,” as chart patterns show major similarities from previous market cycles.
Back to the present, altcoins are predominantly in the red again with larger daily losses for XRP, Solana, Hyperliquid, and Sui.
Despite chart patterns and signals coming into alignment, it appears that altcoins are not ready to skyrocket just yet.