Analysis: Altcoin Season May Be Upon Us

BlockBeats News, December 2nd, Bitcoin has risen 129% so far this year, mainly driven by the 2024 U.S. presidential election results and the April 2024 halving event. Analysts are patiently watching the $100,000 price level for Bitcoin, which is an important psychological level.

On November 29th, Bitcoin futures on the Chicago Mercantile Exchange (CME) reached $100,200 for the second time in seven days. Despite the rise in Bitcoin futures prices, Bitcoin's dominance is declining. On November 30th, 2024, Bitcoin's dominance dropped to 56.1%. This indicates that Bitcoin investors are taking profits and rotating into altcoins, signaling the potential start of altcoin season.

Raoul Pal, CEO of Global Macro Investor, recently predicted that Bitcoin's local peak price will reach $110,000, a figure he expects to reach by the end of January 2025. Pal also forecasted that Bitcoin's price will peak at some point towards the end of 2025.