Arthur Hayes, one of the founders and former CEO of BitMEX, has forecasted the start of the altcoin season, which strongly depends on the performance of Bitcoin and Ethereum.
Influence of Bitcoin and Ethereum Prices
According to Hayes, the altcoin season will commence after Bitcoin and Ethereum reach new price peaks, spurring a broader altcoin rally. Should Bitcoin exceed the $70,000 mark and Ethereum exceed $4,000, it will establish a precedent for other cryptocurrencies to follow.
Prospects for Solana (SOL)
Solana (SOL) is also expected to be a notable performer during this period, with Hayes forecasting its increase to $250. Nonetheless, Solana's influence could be diminished by the superior performance of Bitcoin and Ethereum, primarily because of Solana's comparatively lesser market value. However, Hayes remains optimistic about Solana's potential, indicating that it might still benefit from the general market upswing.
Views of Other Analysts
The surge in Bitcoin and Ethereum prices, possibly driven by a rise in the availability of US dollars, may lay a solid foundation for growth in other cryptocurrencies, resulting in substantial returns for investors in the alternative currency market. This positive perspective is shared by other observers such as Crypto Rover, who noted that utility-oriented cryptocurrencies are already witnessing price surges, and Ali Martinez, who proposed that Polygon (MATIC) might undergo substantial expansion throughout the altcoin season. Nonetheless, the forecast may not stand if the price of Polygon falls below $0.3 and remains there until the end of the week.
Overall, the outlook for the upcoming altcoin season remains positive but hinges on successfully reaching the target price points for Bitcoin and Ethereum.
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