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Arthur Hayes, the co-founder and former Chief Executive Officer (CEO) of BitMEX, a popular crypto exchange, has predicted when the altcoin season will begin. Based on Haye’s analysis, the start of the altcoin season will be contingent on the performance of Bitcoin (BTC) and Ethereum (ETH), two of the world’s top cryptocurrencies.
When The Altcoin Season Will Kick Off
In a blog post released on August 12, Hayes discussed the dynamics of the crypto market and the broader United States (US) financial landscape. While addressing a range of financial issues, Hayes focused on the key conditions that could trigger the start of the next altcoin season in this bullish cycle.
The BitMEX co-founder indicated that Bitcoin and Ethereum now have “structural bids,” suggesting that both cryptocurrencies are seeing consistent buying pressure. This is primarily due to the net inflows into US-listed Exchange Traded Funds (ETFs).
Hayes believes that the next altcoin season will kickstart once Bitcoin and Ethereum experience a major surge to new highs. He revealed that if Bitcoin breaks through $70,000 and Ethereum exceeds the $4,000 price level, then the altcoin season will officially begin.
Additionally, the BitMEX co-founder highlighted that Solana (SOL) would potentially experience a massive rally to new highs. He predicts that Solana will reach a price of $250, however he also exclaims that this surge might be overshadowed by Bitcoin and Ethereum.
Hayes pointed out that the impact of Solana’s expected price increase on the broader crypto market will not be as powerful as that of Bitcoin and Ethereum. He disclosed that this disparity is attributed to Solana’s comparatively smaller market capitalization relative to that of Bitcoin and Ethereum.
Furthermore, the BitMEX co-founder expressed optimism about the performance of cryptocurrencies during the altcoin season. Hayes suggested that a rally in Bitcoin and Ethereum into year-end, driven by an increase in dollar liquidity, could generate a strong foundation for a broader bullish trend in altcoins.
Analysts Expectations Of An ALT Season Grows
Many crypto analysts continue to voice out their expectations of an altcoin season in this bull cycle. A crypto analyst identified as ‘Crypto Rover’ has revealed in an X (formerly Twitter) post that numerous cryptocurrencies with utility are beginning to pump, potentially signaling the imminent arrival of the altcoin season.
In another X post on August 13, popular crypto analyst, Ali Martinez highlighted one of the cryptocurrencies in the market is set to witness a massive rally during the altcoin season. The analyst disclosed that if the altcoin season eventually kicks off, then Polygon (MATIC) will “melt faces.” This suggests that the cryptocurrency may witness rapid growth that could lead to an explosive increase in value.
Source: X
While he highlighted this bullish scenario for Polygon, Martinez also acknowledged that his optimistic prediction could be invalidated if MATIC experiences a weekly close below $0.3.
Featured image created with Dall.E, chart from Tradingview.com
