Experts keep the hype around the crypto ecosystem alive, but point to several key factors that prevent altcoins from taking off. Bitcoin (altcoins) note the typical profits of a bull run. This finds its basis in US economic data, resistance in key BTC values and a sustained rise of “memecoins”, which become a threat to “altcoins”.
A look at what’s happening with Bitcoin
Regarding this scenario, Ramiro Rodríguezleader of the trading desk of Fiwindexplains to Scope BTC could be expected to find support in the $54,000-$55,000 zone, a level it already bounced off in July and August. It is important to note that September has historically been a bearish month for Bitcoin. and it is the one that closed in negative territory the most times. However, October usually shows the opposite behaviour and is one of the most bullish months of the year.
For Vivien Linchief product officer of BingXBitcoin’s resistance at the level of US$60,000 is largely due to institutional interest and its role as protection against global economic uncertaintyThe expert explains that this has delayed the flow of capital into altcoins as traders are focusing on the stability of BTC rather than taking on riskier assets.
Lin highlights a key factor to monitor closely. The crypto strategist believes that Risk aversion has resulted in many altcoins underperforming Bitcoinwhich would be altering the traditional pattern of the latter rising first and then the altcoins. “This created a gap in the market, in which the ‘altcoins’ are undervalued, waiting for a Bitcoin breakout to generate broader gains,” he says.
Regarding the uncertainty about the global economy, Rodriguez is somewhat optimistic and suggests that, as doubts about a recession in the US clear up, the expectation of a possible 25 basis point drop in the interest rate by the Federal Reserve (FED) on September 18 could improve the outlook for a short-term recovery in the BTC price.
Meanwhile, since GoodBit They point out in conversation with this medium that the “unusual” behavior in the cryptocurrency market, marked by a sustained lateralization for several weeks “It is something even rare for the ecosystem, which is usually accustomed to more volatility.” And he points out that, currently, Bitcoin, which is always the reference for cryptocurrencies, remains between US$57,000 and US$60,000”.
The exchange in the city highlights as a positive factor that the price of BTC has remained stable and shows no signs of a significant drop. On the contrary, it seems to be consolidating, waiting for a catalyst to drive an upward movement.
Cryptocurrencies: When will the long-awaited altseason arrive?
It is worth remembering that An altseason is known as a season in which the token and cryptocurrency market has a higher performance than Bitcoin.However, as mentioned above, there are some doubts about this and a growing threat on altcoins looking for a catalyst to start the bullrun: “memecoins”.
The BingX expert analyzes that the market is seeing an increase in speculative trading in “memecoins,” which puts a damper on the traditional flow of capital into more utility-based “altcoins.” “I think the market is currently waiting for a decisive breakout in Bitcoin and Ethereum before broader altcoin participation can occur.”
Thus, Lin explains, for a cryptocurrency bull run to begin, both Bitcoin and Ethereum must break through key resistance levels: That would be US$70,000 and US$4,000, respectively, driven by sustained institutional inflows and a more favorable macroeconomic environment.
Technical analysis suggests that the market is at a critical point where a breakout could trigger widespread market gains. As for altcoin season, it is likely to occur once Bitcoin stabilizes above these levels, “allowing traders to rotate capital into those assets. Until that happens, we will remain in a Bitcoin-dominated phase and altseason could still be several months away,” Lin concludes.
From Goodbit They believe that for Bitcoin and the crypto ecosystem to start a “bullrun”, we must wait for more positive macroeconomic data in the world, but above all what happens in the US. What happens at the Fed meeting and interest rates, the economic data that is published and above all what happens in the presidential elections, where (Donald) Trump proclaims himself as a defender of BTC and the entire ecosystem.
“In case this happens, we believe that Cryptocurrencies will become very important and will attract the interest of investors individuals and institutions, who can now access Bitcoin and Ethereum through ETFs on the US stock exchange,” the exchange analyses.
For Rodriguez, A possible start of a BTC bullish cycle starting in October could renew interest in altcoins and make this moment a good starting point to consider investments with an eye toward 2025, especially given that some of those cryptocurrencies are near their historical lows or quite low relative to Bitcoin.
Finally, BuenBit highlights a fact to take into account and that is that some, such as Solarium (SOL), has had an excellent performance with an increase of almost 900% in the last year. While Solana, like other projects, is experiencing a setback from its most recent highs, “If Bitcoin starts to rise strongly, we can experience substantial increases in the alternativeswhich are considered to be even more volatile than Bitcoin, so November could be an interesting month,” he concludes.
It seems that, for the profit season to be set up in the alternative token market, We will have to wait for Bitcoin to finally find its catalyst and manage to stabilize above the key resistance levels. The expectation is that this will open the door to an explosive rise in altcoins, which could hold the promise of significant gains for those willing to wait.
Source: Ambito
