Arthur Hayes, co-founder and former CEO of BitMEX, a popular crypto exchange, predicted when will altcoin season start. According to Haye’s analysis, the start of the altcoin season will depend on the performance of Bitcoin (BTC) and Ethereum (ETH), two of the world’s leading cryptocurrencies.
When will Altcoin Season start?
In a blog post Published on August 12, Hayes discussed the dynamics of the cryptocurrency market and the Financial Landscape of the United StatesWhile addressing a series of financial issues, Hayes focused on the key conditions that could trigger the start of the next altcoin season in this bullish cycle.
BitMEX co-founder said that Bitcoin and Ethereum now have “structural bids,” suggesting that both cryptocurrencies are under consistent buying pressure. This is primarily due to net inflows into U.S.-listed exchange-traded funds (ETFs).
Hayes believes that the next Altcoin season is about to begin once Bitcoin and Ethereum see a strong surge to new highs. He revealed that if Bitcoin breaks the $70,000 mark and Ethereum Breaks Above $4,000 Price Levelthen the altcoin season will officially begin.
Additionally, the BitMEX co-founder stressed that Solana (SOL) could potentially see a massive surge to new highs. He predicts that Solana will hit a price of $250, but he also exclaims that this surge could be eclipsed by Bitcoin and Ethereum.
Hayes pointed out that the impact of Solana’s expected price increase on the broader cryptocurrency market will not be as powerful as that of Bitcoin and Ethereum. He revealed that this disparity is attributed to Solana’s comparatively smaller market capitalization compared to that of Bitcoin and Ethereum.
Additionally, the BitMEX co-founder expressed optimism about the performance of cryptocurrencies during the altcoin season. Hayes suggested that a Bitcoin rally and Ethereum through the end of the year, driven by increased dollar liquidity, could provide a solid foundation for a broader altcoin uptrend.
Analysts expect growing ALT season
Many cryptocurrency analysts continue to express their expectations of an altcoin season in this bull cycle. A crypto analyst identified as “Crypto Rover” revealed in an X (formerly Twitter) job that many useful cryptocurrencies are starting to surge, potentially signaling the imminent arrival of altcoin season.
In another X post On August 13, popular crypto analyst Ali Martinez pointed out that one of the cryptocurrencies in the market is set to see a massive surge during the altcoin season. The analyst revealed that if the altcoin season finally kicks off, then Polygon (MATIC) will “melt faces.” This suggests that the cryptocurrency could experience rapid growth that could lead to an explosive increase in its value.
While highlighting this bullish scenario for Polygon, Martinez also acknowledged that his optimistic prediction could be invalidated if MATIC sees a weekly close below $0.3.
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