Hashkey Capital Altcoin Season Becomes More Likely After Bitcoin Surges to 80K

According to a crypto investment firm, breaking its current all-time high of $73,679 will not be sufficient to initiate an altcoin season for Bitcoin (BTC). In a market report, analysts from Hashkey Capital expressed their belief that altcoin season is more likely to occur when Bitcoin’s price exceeds $80,000. This target represents an 18% increase from its current price of $67,331. The analysts further argued that for altcoin season to begin, Bitcoin’s dominance in the market would need to reach between 62% and 70%. At present, Bitcoin’s dominance stands at 58.94% after reaching a three-and-a-half-year high of 58.77%. Some analysts feel that an altcoin season is overdue, with MN Trading Capital founder Michael van de Poppe stating that it is the longest bear market for altcoins. Recent significant price surges in memecoins within the top 100 cryptocurrencies by market capitalization have increased market participants’ confidence in the imminent arrival of altcoin season. Goatseus Maximus (GOAT) experienced the highest gains in the past seven days, with a 160.13% increase, trading at $0.74. Cat in a dogs world (MEW) followed with gains of 25.58% over the same period, while Popcat (SOL) (POPCAT) saw a 17.13% increase. However, there are concerns that this altcoin season may be different from previous ones, as some traders have already invested heavily in speculative coins. Glassnode lead analyst James Check stated that the joke has lost its humor, and the altcoin market may not unfold as expected. It is important to note that this article does not offer investment advice or recommendations, and readers should conduct their own research before making any decisions.