Bitcoin (BTC) Price Nears $100K: Here's Why Altcoin Season Could Be Next

The crypto market has lit up lately with Bitcoin's (BTC) price edging closer to the $100k mark. However, analyst Axel Bitblaze highlights a contrasting reality for many altcoin holders.

Bitcoin (BTC) price continues its relentless march toward the $100k mark, leaving many altcoin holders wondering when their portfolios will finally see some green. While BTC thrives, portfolios heavy with utility coins or meme coins remain stagnant.

However, several factors suggest an impending altcoin resurgence, promising to shift the spotlight away from Bitcoin and onto the broader crypto market.

One key indicator is Bitcoin’s dominance, which has been increasing steadily, reaching new heights every week. This pattern, according to Bitblaze, has led to poor performance in the altcoin market as a whole.

Drawing from Bitcoin’s historical four-year cycle, Bitblaze explains how pre-halving and halving years tend to favor Bitcoin, while post-halving years ignite altcoin rallies.

With the next halving set for 2024, Bitblaze predicts that altcoins could see a significant rebound within 4-6 weeks. He bases this prediction on the emergence of a golden cross in the altcoin market capitalization.

The last occurrence of this technical pattern led to a 300% surge in altcoin market cap over a year.

Another factor highlighting the shift in market dynamics is the performance of memecoins. Often dismissed as speculative assets, memecoins are bringing retail liquidity back to the market.

Major exchanges like Binance and Coinbase have ramped up their listings of memecoins, generating volumes that surpass those of established altcoins. This influx of retail interest lays the groundwork for an altcoin season.

Moreover, external factors are also setting the stage for altcoins to shine. The Trump administration’s proposed crypto-friendly policies and the acquisition of Bakkt, a multi-asset trading platform, are additional indicators of a favorable environment for altcoins.

To put things in perspective, here's a concise summary of the analysis.

* BTC price is nearing $100K, but many altcoin portfolios are still flat or even down. This is likely because investors are piling into BTC for safety as the bull market matures.

* However, several factors suggest that an altcoin season could be on the horizon. One key indicator is Bitcoin’s dominance, which has been increasing steadily.

* When Bitcoin’s price rallies, its market cap tends to expand relative to other leading cryptocurrencies. This dynamic is typically accompanied by lower performance in the altcoin market.

* Another factor to consider is Bitcoin’s halving cycle. Pre-halving and halving years usually favor Bitcoin, while post-halving years tend to be kinder to altcoins.

* With the next halving set for 2024, Bitblaze predicts that altcoins could see a significant rebound within 4-6 weeks.

* Finally, memecoins are also playing a pivotal role in shifting market attention away from Bitcoin. These tokens, initially created as a jest on internet culture, are attracting retail liquidity into the market.

* Major exchanges like Binance and Coinbase are listing memecoins at an unprecedented pace, generating volumes that surpass those of established altcoins. This influx of retail interest is setting the stage for an altcoin season.