Glassnode co-founders Jan Happel and Yann Alleman, also known as Negentropic, are closely watching for two key factors that could signal the start of altcoin season. In a recent thread on X, they highlighted the importance of Bitcoin’s dominance levels decreasing and its price stabilizing above $100,000 for altcoin season to potentially kick off.
Looking back at February 2021, the co-founders noted that altcoin season began during that time in the last cycle. They are now wondering if history will repeat itself, with Bitcoin dominance declining and the price holding above $100,000. The duo shared their insights on social media, pointing out that recent developments, such as Bitcoin’s dominance rising and its price staying strong above $100,000, have delayed altcoin season for now.
Despite the delay, Happel and Alleman remain optimistic about Bitcoin’s potential breakout, as indicated by the Bitcoin Fundamental Index (BFI). This index considers various factors in the Bitcoin market, including wallet activity and transaction volume. They predicted that Bitcoin could reach $110,000, with initial resistance expected around $106,000. Currently, Bitcoin is trading at $106,419, showing a slight increase over the last 24 hours.
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As the crypto market continues to evolve, it is essential to keep a close eye on key indicators and trends that could signal significant shifts in the market. The co-founders of Glassnode are closely monitoring these factors, providing valuable insights and analysis to help investors navigate the ever-changing landscape of cryptocurrencies.
With Bitcoin’s price and dominance levels in focus, the crypto community eagerly awaits the potential start of altcoin season. As developments unfold, it will be interesting to see how the market reacts and whether altcoins will see a resurgence in popularity. Stay tuned for more updates and analysis from industry experts like Glassnode to stay ahead of the curve in the fast-paced world of cryptocurrency trading.