Arthur Hayes, one of the founders and former CEO of BitMEX, has forecasted the commencement of the highly anticipated altcoin season, which is strongly influenced by the performance of Bitcoin and Ethereum.
Hayes has the belief that the altcoin season will commence after Bitcoin and Ethereum reach new price peaks, hence initiating a more extensive surge in altcoins. Should Bitcoin exceed the $70,000 mark and Ethereum exceed $4,000, it will establish a precedent for other cryptocurrencies to also have an upward trajectory.
Solana (SOL) is expected to be a notable performer during this period, with Hayes forecasting its increase to $250. Nevertheless, Solana’s influence could be diminished by the superior performance of Bitcoin and Ethereum, primarily because Solana has a comparatively lesser market value.
Hayes has a positive outlook on Solana’s potential, indicating that it might still capitalize on the general market upswing.
The surge in Bitcoin and Ethereum prices, maybe driven by a rise in the availability of US dollars, has the potential to create a solid basis for growth in other cryptocurrencies, resulting in substantial returns for investors in the alternative currency market.
This positive perspective is shared by other observers, like Crypto Rover, who observed that utility-oriented cryptocurrencies are already witnessing price surges, and Ali Martinez, who proposed that Polygon (MATIC) might undergo substantial expansion throughout the altcoin season.
Nevertheless, my forecast may be rendered useless if the price of Polygon falls below $0.3 weekly and remains at that level until the end of the week.
