In a recent video on the YouTube channel “CryptoBusy,” Tom, a cryptocurrency analyst, delved into the topic of altcoin season, shedding light on the factors influencing the market and potential upcoming trends. As of the recording date, Bitcoin was trading at around $29,300, affecting the rest of the market, including Ethereum at around $2,100 and XRP at approximately $0.70 due to the SEC case.
Tom believes XRP has found solid support at 70 cents, but losing it could lead to a dip to around 40 cents. While the Fear and Greed Index is currently at 52, hinting at uncertainty, Tom suggests it could still be an opportune time to buy.
The analyst reminded viewers of Bitcoin’s bottoming out at $15,500 last year and noted that with inflation, this could already be akin to the previously predicted $12,000 or $10,000 price points. Considering various catalysts like the awaited Bitcoin spot ETF and the upcoming Bitcoin halving, Tom believes that while Bitcoin might go below $20,000 again, it may have already found its bottom.
Additionally, the analysis explained that altcoin season is a gradual process that unfolds over several months. It starts with capital influx into Bitcoin, eventually shifting to Ethereum and other altcoins. He emphasized that Bitcoin’s dominance, currently around 48.2%, needs to go below 40% for the altcoin season to initiate fully. This transition in dominance indicates a significant shift in the crypto market, resulting in exciting opportunities for altcoins.
Further, Tom highlighted several altcoins worth considering in this potential altcoin season. XRP, Polygon, Stellar Lumens, Multiverse X, and Render Token are among the coins he suggests for Dollar-Cost Averaging (DCA). XRP and Stellar Lumens have strong ties to the ongoing SEC case, while Polygon aims to improve Ethereum’s scalability. Multiverse X and Render Token are allegedly intriguing projects with unique features, presenting opportunities for miners and creative professionals.
