The Likelihood of Another Altcoin Season in Doubt

Crypto analyst Ali Martinez has proposed that a new altcoin season may not happen. He bases this thought on the excessive increase in the number of altcoins since the last bull season. Martinez points out that there are currently 36.4 million altcoins in circulation, compared to only 3,000 during the 2017-2018 bull market and fewer than 500 during the 2013-2014 bull period. According to the analyst, capital is now spread across many cryptocurrencies, and considering the current market value levels, the potential for further growth in these assets is quite limited.

Bear Market Expectations in Altcoin Season and Critical Level for Bitcoin

Martinez, while acknowledging that his views might be controversial, claimed that, according to his analysis, a bear market could begin within the next 90 days. The analyst, who previously predicted a significant rally for Dogecoin, drew attention with his statements. However, he continues to argue that Dogecoin could still experience a rally within the next 90 days.

Martinez also provided a critical assessment for Bitcoin, stating that the $97,877 level represents a strong support for BTC, and that 101,000 BTC were previously accumulated by whales at this level. This indicates that BTC faces a significant resistance point at this level.

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