#bitcoin #altcoins #crypto

🐃 Glassnode: Alt season may begin in the near future

Glassnode analysts note that the Altcoin Cycle Signal indicator has reached 86—a level that historically often precedes periods of outperformance for altcoins relative to $BTC

However, the current situation differs from a classic alt season.

➠ The main reason for the signal increase is not a surge in demand for altcoins.

➠ After almost two years of decline, a significant portion of sellers have already exited the market, and supply pressure has noticeably weakened.

➠ At the same time, $BTC is showing weakness, allowing altcoins to look stronger relative to $BTC

➠ Therefore, the current signal is formed more by a decrease in selling pressure and a correction in Bitcoin than by an influx of new capital into altcoins.

Glassnode believes that if this is accompanied by a recovery in demand, the market could move into a more fully-fledged alt-season phase.