Arthur Hayes, co-founder and former Chief Executive Officer (CEO) of BitMEX, a popular crypto exchange, has predicted when altcoin season starts. Based on Haye’s analysis, the start of the altcoin season will depend on the performance of Bitcoin (BTC) and Ethereum (ETH), two of the world’s major cryptocurrencies.

When Altcoin Season Starts

In a blog post On August 12, Hayes was published, detailing the dynamics of the crypto market and the broader Financial landscape of the United States (US)While addressing a range of financial issues, Hayes focused on the key circumstances that influenced the start of the next altcoin season in this bullish cycle.

The co-founder of BitMEX indicated that Bitcoin and Ethereum are now experiencing “structural bids,” suggesting that both cryptocurrencies are experiencing consistent buying pressure. This is mainly due to net inflows into US-listed Exchange Traded Funds (ETFs).

Hayes believes the following altcoin season starts once Bitcoin and Ethereum experience a major surge to new heights. He revealed that if Bitcoin breaks through $70,000 and Ethereum Surpasses $4,000 Price Levelthen the altcoin season officially starts.

Furthermore, the BitMEX co-founder emphasized that Solana (SOL) could potentially see a huge rally to new heights. He predicts that Solana will reach a price of $250, but he also calls out that this rise could be overshadowed by Bitcoin and Ethereum.

Hayes pointed out that the impact of Solana’s expected price increase on the broader crypto market will not be as powerful as that of Bitcoin and Ethereum. He revealed that this disparity is attributed to Solana’s relatively smaller market capitalization compared to that of Bitcoin and Ethereum.

Furthermore, the BitMEX co-founder expressed his optimism about the performance of cryptocurrencies during the altcoin season. Hayes suggested that a rally in Bitcoin and Ethereum towards the end of the year, driven by increased dollar liquidity, could provide a solid foundation for a broader bullish trend in altcoins.

Analysts expect ALT season to increase

Many crypto analysts continue to voice their criticism expectations of an altcoin season in this bull cycle. A crypto analyst known as ‘Crypto Rover’ has entered an X (formerly Twitter) after that numerous usable cryptocurrencies are starting to increase in value, potentially signaling that altcoin season is upon us.

In another X-message On August 13, popular crypto analyst Ali Martinez highlighted that one of the cryptocurrencies in the market will witness a massive rally during the altcoin season. The analyst revealed that when the altcoin season finally kicks off, Polygon (MATIC) will “melt faces.” This suggests that the cryptocurrency could experience rapid growth that could lead to an explosive increase in value.

While highlighting this optimistic scenario for Polygon, Martinez also acknowledged that his bullish prediction could be invalidated if MATIC were to see a weekly close below $0.3.

Main image created with Dall.E, chart from Tradingview.com