Here’s why this analyst is ‘feeling super bullish’ on altcoins 
Cryptocurrency Oct 30, 2024 Share
Bitcoin (BTC) started a bullish movement above $70,000, renewing the market’s optimism amid an all-time high open interest (OI). As the leader goes up, traders and investors start positioning in altcoins, which are expected to follow the movement.
More than simply following Bitcoin’s movement, altcoins have historically outperformed BTC in what analysts call an “Altseason” or “Altcoin Season.” In particular, Jake Pahor, a DeFi analyst and Account Executive at Coinstash Australia, is “feeling super bullish about altcoins.”
Pahor posted an analysis on X on October 29, looking at the Bitcoin Dominance Index’s (BTC.D) historical patterns. According to him, we are approaching “a turning point in the cycle” as BTC.D navigates around 60%.
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In summary, the analyst expects BTC.D, from this point up to 72%, to start a reversal to the downside, igniting an altseason as happened in the previous two cycles.
Bitcoin Dominance Index (BTC.D) weekly chart. Source: TradingView / Jake Pahor
When will the altseason start?
However, while there are signals that an altseason could start at any moment, nobody knows when exactly it will be. Jake Pahor acknowledges that but believes the time has come to start positioning in solid altcoins carrying people’s “strongest conviction.”
“While no one can predict precisely when “Alt-season” will occur, we do know it will happen at some point in the near future. Now is the time to lock in. Focus on accumulating and holding spot positions of your strongest conviction alt plays and start planning your exit strategy.”
– Jake Pahor
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Other analysts have shared a similar perspective, as Finbold reported on other occasions. In late September, two traders warned of an “altcoin season just around the corner” in a market that will reward “dumb bulls” more than the “smart bears.”
On October 15, another analyst shared his insights on the matter, highlighting key levels to start building positions for the “upcoming bull run.” Precisely, M3zee was suggesting levels on the BTC.D chart for traders to long altcoins with Bitcoin. Notably, his three entry points match Jake Pahor’s range between 60% and 72%, giving more strength to the aforementioned analysis.
Nevertheless, the market is highly unpredictable and this cycle has some significant differences, like a high volume of Bitcoin derivatives. BTC spot ETFs and futures have been one of Bitcoin’s main speculative drivers this cycle, which could impact an altseason.