Crypto markets, which were on a rollercoaster ride for a while, have now chosen to remain less vigilant. Mainly because large cap tokens are trading within a very tight range with less chances of a bullish breakout. It is worth noting that most altcoins tend to follow the trend that the star cryptocurrency, Bitcoin, follows. Now that the BTC price is showing a neutral trend with equal possibility of bullish and bearish trends, what could be the probability of an AltSeason in 2023?
AltSeason begins as money from Bitcoins flows into various altcoins, increasing their dominance. Since the beginning of 2023, BTC dominance has been increasing and also surpassed 50% for the first time in recent years to mark yearly highs of 52%. That's when the expectation of a peak season was set, while investors expected a big Bitcoin bull run.
However, a popular analyst, altcoin sherpaHe believes the alternate season could begin in December or January 2024.
As the analyst specifies, December and January are the best times for Bitcoin, which has historically increased during these times, even during bear markets. Similar price action has also been observed with the ETH price. Furthermore, the analyst refers to the ETH/BTC pair as a good indicator of the total altcoin macro market, which generally extends decently from December to January.
Along with this, the dominance of BTC also decreases during these times, which increases the value of altcoins within the altcoin/bitcoin pair, suggesting that altcoins outperform Bitcoin. The analyst believes that 2 to 6 weeks of really good times could pass, while the BTC price could oscillate or rise. Therefore, it is necessary to closely monitor ETH/BTC, which is expected to drop between 0.57 and 0.52, which may be a good time to buy, probably near the end of 2023.
