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- The Altcoin Season Index surpassing 60 signals potential Bitcoin price gains with historical data.
- Ethereum’s breakout and a strong performance could drive a broader altseason.
The Altcoin Season Index has risen above the 60 mark, which traditionally points to the next BTC price upswing in the next one to two months. As noted by VanEck, an asset management company, this indicator is usually associated with higher BTC prices, so Bitcoin may soon bring good profit.
According to VanEck, a value above 60 on the Altcoin Season Index has marked Bitcoin’s upward movement in the past. The index measures the performance of the top 50 cryptocurrencies versus BTC over the last ninety days. However, when this threshold is reached, the price of Bitcoin is greatly likely to deliver significant gains.
According to VanEck, the average returns of Bitcoin one month after such events are 10%, three months, 30%, and six months 73%. In their analysis of 61 instances, they identified that the success rate of Bitcoin’s positive returns within the six-month period is at 61.1%, adding more confidence to the bulls’ view.
According to the firm, Bitcoin could trade at $160,000 by the middle of 2025 if this trend continues. Although the price is still stagnant at $100,000, the analysts argued that the Bitcoin bull run is still in the course.
Altseason and Ethereum Momentum
According to veteran crypto trader Michaël van de Poppe, such cyclic fluctuations of Bitcoin’s price are typical, and altcoins will “shine again.” According to Van de Poppe, Bitcoin’s current movement resembles December 2023, when the global crypto market cap rose from $1.7 trillion to $2.9 trillion within three months.
#Bitcoin is literally mimicking the price action from last December.
— Michaël van de Poppe (@CryptoMichNL) December 11, 2024
I'm not sure whether we'll get such a deep correction, but I do know that it's time for #Altcoins to shine again. pic.twitter.com/MKwUBJR1Am
This resurgence has been led by Ethereum, the second most popular coin in the market. It peaked at $4,070 in mid-March and is now trading at $3,700. A popular crypto analyst, Mikybull Crypto, noted that Ethereum has just broken through a significant resistance level, suggesting that ETH may surge back toward $6,000 soon.
#ALTSEASON lasts about 90 days
— Mikybull 🐂Crypto (@MikybullCrypto) December 5, 2024
From this month till March seems logical. pic.twitter.com/6X6KTgBzPD
Mikybull Crypto pointed out that the price of Ethereum did not have much strength at the beginning, but once it broke through, it indicated signs of a bullish trend. Another pullback to the resistance-turned-support level might open up the path towards the upside. In the past, ETH prices have surged multiple times, and this has usually triggered the broader altcoin market to follow suit, meaning Ethereum plays a crucial role in the upcoming “altseason.”
Market Trends and Predictions
The Altcoin Season Index is at 90 at the moment, a level that is often linked with large gains in altcoins compared to Bitcoin. Analysts believe this altseason may reach its peak in March due to increasing demand for altcoins and capital flow from BTC to low-cap altcoins.
CryptoWizard noted that February to May is the best time to get big gains and prepare for exits. This is in line with the historical trend that increased altseason trading activity results in massive price fluctuations across the altcoins.
Ethereum may also continue this trend in its performance. ETH is being closely monitored to see whether it can hold onto its breakout and potentially start a new bullish run for other altcoins.
