Glassnode Experts Signal Upcoming Altcoin Boom Following Bitcoin Breakout

According to Jan Happel and Yann Allemann, co-founders of Glassnode, the market may be preparing for an altcoin season. Collectively referred to as Negentropic, the pair recently published information with their 63,200 followers on X, suggesting that altcoins might soon exceed Bitcoin (BTC) after the primary cryptocurrency reaches its all-time high (ATH) of roughly $74,000.

Altcoin Season on the Horizon?

According to Happel and Allemann, the recent bullish trends in Bitcoin might signal the onset of a new altcoin season. They predict that once Bitcoin breaks its ATH, altcoins will begin to experience significant gains. “Altcoins have followed the bullish momentum of Bitcoin. It seems that we are on the verge of an altcoin season,” they stated. “We are bound to experience it intensely once BTC breaks its ATH and enters uncharted territory.”

The analysts also foresee a broad market rally, with various digital assets rising in tandem. They explained the typical market cycle: “The classic is Bitcoin first, then rotation into ETH, then large caps, then mid caps, then small caps.” Since May, Bitcoin has surged multiple times without a corresponding altcoin rally. However, they noted that the altcoin cycle indicator has now spiked near 50, hinting that a synchronized run-up for both BTC and altcoins could be imminent. “We have a feeling the next run-up will happen together,” they added.

The Bitcoin-altcoin cycle indicator, which gauges whether traders favor altcoins over Bitcoin, suggests that values over 50 indicate a potential altcoin season. As of now, Bitcoin is priced at $63,660.