Cryptocurrency experts have pointed to these dates for the rise of altcoin projects in their recent statements! So, when will altcoin season start? Here are the details…
Experts explained: “The most likely date for altcoin season is 2024!”
As Cryptokoin.com conveyed, the market, while starting 2023 with earnings, draws attention with the stagnation it has experienced recently. However, the Bitcoin market could lead the entire altcoin industry into a new bear season. Looking at the daily candlestick, it closed below the 50 moving average for the second time since January 1st. Interestingly, a head and shoulders pattern on the daily timeframe is on the verge of confirmation, meaning more downtrends on the lower timeframes are highly likely in the coming weeks.
Moreover, Bitcoin balances on top centralized exchanges including Binance, Coinbase Pro and Bitfinex have increased by more than 56.4K units over the past 30 days. Historically, an increase in the Bitcoin balance on centralized exchanges leads to an imminent wave of selling. This is another phenomenon that attracts the attention of experts. However, analyst Crypto Feras, who shares on Twitter, states that crypto bears are superior in the short term. Analyzing Bitcoin’s weekly chart, the analyst stated that $24.5k is the next buy entry level unless BTC retraces $29.3k.
However, the analyst underlined that most of the gains were recorded in the crypto market. As a result, Crypto Feras predicts that the next major altcoin season will begin between December 2023 and May 2024. In this context, the analyst hints that the Bitcoin halving will play an important role and it is expected to happen in April next year.
However, looking at macro charts, cycle length, Fed policy, borrowing rates, on-chain activities, the analyst said that the next Ethereum price target is between $7600 and $11,800, and based on historical data, 2024 is the most likely period for the next altcoin season to start. stated that.
yes, I believe it's relatively earlier than usual, I lean more to 2024
— Crypto Feras (@FeraSY1) May 1, 2023
Grayscale announced the impact of the upcoming Fed decision!
On the other hand, Grayscale, the largest digital fund company, appeared before investors with its new analyzes. Emphasizing the importance of the Fed meeting to be held on Wednesday, the company stated that the rise of cryptocurrencies could stop in any interest rate increase, but experts drew attention to one point. Pointing out that according to the analysis, the Fed’s 25-point base increase will not affect the crypto money market deeply, the company drew the attention of investors with the following words:
The FOMC meeting did not take place in April. At the meeting on May 3, a decision will be made whether to increase by 25 basis points. Risk assets are generally negatively impacted by Fed rate hikes, but crypto may see gains after this decision as it matches market expectations. In particular, an additional increase in interest rates and a decrease in inflation are in line with market expectations in this sense.
On the other hand, referring to the state of the market, the company also pointed to the harsh volatility that BTC experienced in April and stated that the news that US government wallets were moving recently caused panic and the second largest position liquidation took place. Stating that these news may trigger volatility in price levels, the company also stated that the movements of large fund owners may deeply affect the price of Bitcoin.
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