Source: dailyhodl.com
Closely followed crypto analyst Jason Pizzino is saying that the altcoin season has yet to begin even though some digital assets are now surging.
In a new strategy session, Pizzino tells his 293,000 YouTube subscribers that based on a historical pattern, the true altcoin season will arrive sometime around October 2024.
He bases his prediction on prior market cycles centered around Bitcoin’s (BTC) halving events, which occur every four years. The next Bitcoin halving, when miners’ rewards are cut in half, is expected in April 2024.
Says Pizzino,
“This is not the altcoin season that most are waiting for. However, they’re still very good gains. But this Bitcoin chart is indicating that the massive altcoin season is still ahead of us and the biggest gains of them all are still to come. This is basically the precursor to the big explosive gains that we are yet to see in the market.”
Looking at his chart, he says that prior BTC bull market cycles generally last three years with the first 18 months leading to increases that confirm the bullish uptrend, followed by 18 months of huge gains. He says the altcoin season begins in the second half, months after the halving event.
The trader says that Ethereum (ETH) experienced an initial rise heading into October 2016 and October 2020, both BTC halving years, followed by more massive increases during what he considers the altcoin season.
“So Ethereum, we have two cycles to look at here.
ETH from the last cycle, October 2020, we had a 1,300% rise. We look at where it was from the low to that high point – 277% to that October period…
October 2016… the first move to that low point, 2,200%. Where’s my other one? Here it is, 14,000%. So all I’m doing here is this number is smaller than this number here. This is the confirmation.”
He says a similar pattern also occurred in 2020 for ETH competitor Solana (SOL).
“Solana, here it is, October 2020 to the upside, 20,000%. If you bought it right at the bottom here [in April 2020] to this point [in October 2020], that’s about 500%. So beautiful gains either way.”
Cardano (ADA), another ETH competitor, also followed the same price pattern, the trader says.
“[Cardano in] October 2020 to the top – 3,400%. From this bottom here in March 2020 [to October 2020] you got around 400%, so this is the confirmation that the markets are ready to break out.”
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