As historically proven, the start of an altcoin season, or ‘altseason,’ a period marked by the strong performance of alternative cryptocurrencies relative to Bitcoin, often begins following a significant increase in BTC’s price.
This phenomenon has been elaborated recently by Arthur Hayes, the co-founder of BitMEX and Chief Investment Officer at Maelstrom Fund, who has now shared the specific time when the alt season for this cycle could begin.
Bitcoin And Ethereum: Key Price Targets To Kickstart Altcoin Season
In Hayes’ latest substack blog post “Water, Water, Every Where,” the BitMEX co-founder suggests that certain key price marks for Bitcoin and Ethereum hold the key to altcoins commencing their next major rally.
Hayes emphasizes that for altcoins to embark on a bullish trend, Bitcoin and Ethereum must surpass significant psychological barriers. According to the BitMEX co-founder, Bitcoin must break above $70,000, and Ethereum must exceed $4,000 to set the stage for a broader altcoin rally.
These levels are seen as crucial for restoring investor confidence and enabling a flow of capital into smaller-cap coins. Hayes particularly noted:
Alt szn will return only after Bitcoin and Ether decidedly break through $70,000 and $4,000, respectively. Solana will also climb over $250, but the crypto market-wide wealth effect of a Solana pump is nowhere near as potent as with Bitcoin and Ether, given the relative market caps. The combination of a dollar liquidity-inspired Bitcoin and Ether rally into year-end will create a strong foundation for the return of a sexy shitcoin soiree.
The Potential Catalysts
In addition to his alt season start-off forecast, the BitMEX co-founder disclosed some potential catalysts that could play a major role in these upcoming market rallies. Hayes connected these imminent market movements to macroeconomic factors, specifically the issuance of US Treasury bills (T-bills).
He argues that these could introduce new liquidity into the crypto markets, propelling Bitcoin towards the $100,000 mark within this cycle.
This anticipated flow of funds is expected to benefit Bitcoin and have a significant positive impact on Ethereum and, by extension, the broader altcoin market.
Hayes also commented on the upcoming US election and the likely impact on the crypto market. Referring to it as “a coin toss,” the BitMEX co-founder said that with the election in early November and Yellen being at “peak manipulation in October, there will be no better time for liquidity this year.”
He added:
Therefore, I shall sell into strength. I will not liquidate my entire crypto portfolio but take profits in my more speculative momentum trades.
At the end of the note, the BitMEX co-founder touched on the US debts and reiterated his $1 million prediction on Bitcoin, noting:
Once the US debt ceiling charade is over, liquidity will gush from the Treasury and possibly the Fed to get markets back on track. Then, the bull market will begin for realz. $1 million Bitcoin is still my base case.
Featured image created with DALL-E, Chart from TradingView
Samuel Edyme
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
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