ALTCOIN SEASON MAY NOT RETURN UNTIL BITCOIN, ETHEREUM BREAK ABOVE KEY LEVELS
- Bitcoin and Ethereum prices need to break through key resistance levels for altcoin season to return, crypto analyst Arthur Hayes says.
- Cryptocurrencies could break out of their sideways price trend starting September, according to Arthur Hayes.
- Bitcoin trades sideways below $60,000 and Ether struggles under resistance at $2,750 on Tuesday.
A week post the crypto market crash, Bitcoin (BTC) and Ether (ETH) are recovering from the correction. BTC hovers around resistance at $60,000 on Tuesday, while Ethereum struggles to break past sticky resistance at $2,750.
Altcoins ranked in the top 30 assets by market capitalization are also reversing some of the recent losses. Traders are waiting for an altcoin season, an informal term for a period of time when the top 50 alternative assets outperform Bitcoin.
Arthur Hayes, former CEO of cryptocurrency exchange BitMEX and crypto analyst commented in a blog post published Monday about the possibility of an altcoin season, explaining when he thinks it will come and what conditions need to be met.
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