The crypto market has yet again turned pretty much bearish currently, as the most dominant crypto has dipped profusely. For the past couple of weekends, the Bitcoin price is showcasing a bearish divergence and hence the bear market is expected to end the yearly trade. Honestly, the BTC price is expected to end the yearly trade on a bearish note and hover below $45K in the worst-case scenario.
Therefore, the altcoins which were gaining a little strength due to the sideway trend of BTC have also fallen into the same bearish well as Bitcoin. Woefully, the much-awaited Altseason may not resume anytime in 2021 as the dominant crypto may continue to trend downwards. One of the popular analysts, Micheal de van Poppe, predicts the Altseason to peak somewhere in Q2/Q3 of 2022.
The analyst says that the market is bottoming very hard nowadays as many people tend to believe that the BTC price may not go parabolic now. In short many believe the bear market has begun and hence they may play safe that would restrict the BTC price rally below $50K. And hence in such a case, the altcoins may also follow a narrow trend.
However, the analyst believes the Altseason may be deferred but not canceled as the altcoins are expected to gear up in Q1 2022. Further, the ETH pairs may focus on uplifting Ethereum prices and eventually attempt to outperform ETH in the upcoming bull cycle. And hence the peak of the Altseason maybe somewhere in Q2 or Q3 2022.