Analysts currently don’t seem to expect any major volatilities in the altcoin market until next year. Altcoins in the second half of 2023 is predicted to be relatively stable, unless there is a big move by the world’s largest cryptocurrency, Bitcoin.
Altcoin season may not come before Bitcoin Halving takes place. That means we will probably have more time to accumulate more altcoin. Crypto analyst ‘@IamZeroIka’ on July 10 said that altcoins are facing a big accumulation period which has 460B as range high and 290B as range low. According to the analyst, this is intended to last till the next year post-halving, which is estimated to take place in April, approximately.
@IamZeroIka used a chart that shows the total market cap but excluding Bitcoin and Ethereum. This shows an extended period of sideways trading for the altcoin market during the past bear and current market. As of now, a half of a year has passed so maybe we won’t see a big move for altcoins until mid-2024.
Altcoin season usually comes later than the big movements of Bitcoin and Ethereum. BTC has rallied twice this year and is up over 80% since the beginning of 2023. However, the same is not the case for most Altcoins, which are still plummeting from their all-time highs in the recent bull market.
Crypto trader ‘@CryptoTony__’ has also posted a document demonstrating how the Altcoin season has happened in previous market cycles. The exception could be Ripple’s XRP if the company wins the legal battle with the US Securities and Exchange Commission. A win could double the price of XRP in a very short time. However, in case the company loses the lawsuit, its price could also be halved.
Most altcoins are still in the red, so the hypothesis of accumulation is very likely to happen. Binance, which has been plagued by regulatory issues this year, is seeing the BNB price drop 66% from its peak. Meanwhile, Cardano (ADA), Dogecoin (DOGE), Solana (SOL), Bitcoin Cash (BCH) or Avalanche (AVAX) even suffered huge losses, up to 90% from their all time high.