Arthur Hayes Says Altcoin Season Will Begin When This Happens

BitMex co-founder Arthur Hayes has made another tasty market prediction. This time, the experienced analyst has predicted when the next altcoin season will arrive.

In a blog post on Monday, Hayes speculated that an altcoin season would begin when Bitcoin hits $70,000 and Ethereum trades above $4,000.

“While Bitcoin and Ether have corrected since April, they escaped the carnage experienced in the shitcoin markets. Alt szn will return only after Bitcoin and Ether decidedly break through $70,000 and $4,000, respectively,” he wrote.

Wen Alt Season?

An altcoin season is a market scenario characterized by altcoins outperforming major assets like Bitcoin and Ethereum. Every bull run has typical scenarios, and a flow of liquidity and cash from Bitcoin to other assets is one of the major parts of the cycle.

This season is preceded by Bitcoin’s parabolic expansion before attention shifts to other coins. Hayes noted that BTC would have to reclaim $70,000, and Ethereum would have to move close to its all-time high before the market experiences another altcoin frenzy.

At the current price, bitcoin would have to increase almost 19% to reach $70,000, while ETH would grow 52% to trade at $4,000. The market has struggled to impress lately with uncertainties over the US election and unfavorable macroeconomics impacting asset prices. Hayes predicted that a move of such magnitude, probably inspired by US spot exchange-traded fund (ETF) inflows, could be all altcoins needed to explode.

No Headway Yet

In an X post on Monday, veteran analyst Peter Brandt called for caution amidst swelling bullish sentiments. He noted that Bitcoin was still ranging, and no significant activity suggested buying or selling the asset.

“I do NOT trade opinions. I trade set-ups via classical charting principles. I avoid trades when price is range-bound. My entry is on completed patterns. BTC displays what is known as an inverted or expanding triangle. No breakout yet, so no trade,” Brandt tweeted.

Bitcoin’s price ranged between $58,000 and $60,000 on Monday and was trading at $58,876 at the time of this writing.