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Crypto analysts are not expecting any major movements from altcoin markets until next year. The rest of this year will remain relatively flat for altcoins unless there is a major move by big brother Bitcoin.
Alt season may not happen until after the Bitcoin halving in 2024, according to one analyst who has been analyzing markets.
No Alt Season Before Halving
There could be plenty of time to accumulate more altcoins, with no major movements expected for the rest of this year.
On July 10, crypto analyst ‘@IamZeroIka’ said, “altcoins are currently facing a big accumulation period.” This is within a market capitalization range of $290 billion to $460 billion.
“In my opinion, this is intended to last till the next year post-halving, which is estimated to take plan in April, approximately.”
The analyst used a chart that shows the total crypto market cap without Bitcoin and Ethereum. This clearly shows extended periods of sideways trading on altcoin markets in the previous and current bear markets.
The current phase is around halfway through, so there may be no real action for altcoins until mid-2024.
Alt season usually lags behind large movements in Bitcoin and Ethereum. BTC has rallied twice this year and is up more than 80% since the beginning of 2023. However, the same cannot be said for most altcoins, which are still massively down from their peak prices during the last bull market.
Crypto trader ‘@CryptoTony__’ posted a path to alt season, which has played out in previous market cycles.
The exception could be Ripple’s XRP should the firm secure a victory in its drawn-out court battle with the U.S. Securities and Exchange Commission.
A win for the fintech firm could see XRP doubling in price in a very short time. However, it is likely to halve in value if the SEC wins and it is deemed a security.
Find out how to recognize chart trading patters with our guides: A Guide to Bullish Candlestick Patterns in Technical Analysis
Altcoins Remain Deep in Bear Territory
Most of the high-cap altcoins are still in a lot of pain, so accumulation over the next year could be possible.
Binance, which has had no end of regulatory problems this year, is seeing its BNB token hold up with just a 66% decline from its peak.
However, Cardano (ADA), Dogecoin (DOGE), Solana (SOL), Bitcoin Cash (BCH), and Avalanche (AVAX) have all suffered 90% losses from their highs.