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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Analyst: Expect Altcoin Season After Bitcoin Halves In 2024

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Altcoin Season Bitcoin Halving

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A crypto analyst on Twitter expects altcoin prices to be muted in the second half of 2023. Data indicate that the fate of altcoins and the possibility of an “alt season” is highly dependent on the performance of Bitcoin.

Being the foremost cryptocurrency and market leader, according to CoinMarketCap data, Bitcoin’s impact on altcoins cannot be underestimated.

Altcoins Are In Accumulation Phase, Waiting On Bitcoin?

In his assessment, altcoins are currently in the “accumulation phase,” which has kept the sector at a market cap between $290 billion and $460 billion for the past few trading months. This trend, he forecasts, will likely continue until next year, when Bitcoin is expected to halve its block reward to 3.125 BTC. 

Considering the performance of Bitcoin after past halving events, the cryptocurrency could see further profits as the event nears. This, in turn, factoring in the direct correlation between Bitcoin and altcoins, will likely trigger an “altcoin season.”

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To cement his market preview, he shared a screenshot depicting the total market capitalization of altcoins excluding Bitcoin and Ethereum, revealing extended periods of sideways trading during previous bear markets. Extending from this outlook, the analyst expects altcoins’ price movements to be limited until after the halving event, as seen in the chart below. 

Crypto Bitcoin BTC BTCUSDT
Source: IamZeroIka via Twitter

Historically, Bitcoin surges tend to support altcoins, a trend observed in recent cycles. Altcoin’s relatively thin liquidity often leads to price gains outpacing the more liquid BTC. Conversely, whenever Bitcoin prices crash, altcoins tend to collapse faster.

Most Altcoins Are Weak?

 In recent months, Bitcoin has been firm, rising 80% in H1 2023 after prices bottomed up in late 2022. On the other hand, despite the direct correlation, most altcoins remain suppressed, down from 2021 peaks.

Bitcoin price on July 10| Source: BTCUSDT on Binance, TradingView
Bitcoin price on July 10| Source: BTCUSDT on Binance, TradingView

To illustrate, coins like ADA, SOL, DOGE, ALGO, and others are down roughly 85% from 2021 peaks and remain under pressure when writing on July 10. Regulatory headwinds and generally suppressed market conditions have worsened sentiment, diffusing upside momentum.

The U.S. Securities and Exchange Commission (SEC) recently alleged that several altcoins, including SOL and ADA, are securities, a comment that saw prices dump in June.

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The only outlier among altcoins is XRP. Optimism in the ongoing legal battle between Ripple and the SEC has supported the coin, forcing prices to diverge from other altcoins. Even so, the final ruling will likely significantly impact prices and volatility. Currently, XRP is trading below $0.50 but is up roughly 45% from 2022 lows and is firm, trading in a bullish formation above $0.45. 

XRP will likely tear higher if a favorable ruling supports Ripple’s assertion that XRP, a coin they use in their On-Demand Liquidity (ODL) platform, is not a security but a utility like Bitcoin. A ruling in support of the SEC would trigger a sell-off, possibly unwinding recent gains.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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