Henrik Zeberg, a macro economist, trader, and seasoned observer of cryptocurrencies, is certain that the “altcoin season” will not be cancelled despite the double-digit price reductions several major cryptocurrencies suffered in the previous seven days.
We are close to altcoin season, Henrik Zeberg says
Zeberg advised his 108,500 Twitter followers that bears shouldn’t be overly passionate in their “desperation. ” At present, a significant market fall is not anticipated. We should instead prepare for a “altcoin season.”
According to Zeberg, “momentum analysis” is the strongest predictor of the next “altcoin season.” As a result, a real altcoin season might arrive before the devastating market slump he anticipates would flare in the midterm.
Eight of the top ten alternative cryptocurrencies by market capitalization saw double-digit declines during the past seven days. The best performer is Binance Coin (BNB), whose cap only decreased by 1.5%.
The worst hit companies were Cardano (ADA) and Polygon (MATIC), which dropped 14.1% and 13.8%, respectively.
Bitcoin (BTC) dominance jumped to multi-month highs in April
As previously reported by U.Today, meme coin rallies have historically been the precursor of some of the largest altcoin seasons. Certain dubious meme cryptos, like Pepe (PEPE) and ArbDoge AI (AIDOGE), posted huge profits during the previous few weeks.
Several of these cryptocurrencies have far too many warning signs, including the fact that whales control their supply and that the contract’s owners may deliberately ban holders.
Zeberg is by no means the only individual to have predicted a “altcoin season.” On April 14, 2023, BitMEX co-founder and seasoned crypto investor Arthur Hayes announced a “altszn.”
The largest cryptocurrency, Bitcoin (BTC), also beats certain significant altcoins over the long term. Its domination nearly reached 50% in mid-April, which is the greatest level since Q2 of 2021.
