#AltcoinETFsPostponed

The altcoin season may not return until Bitcoin and Ethereum break above key levels

Cryptos | 08/13/2024 09:30:00 GMT |

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Bitcoin and Ethereum prices need to break key resistance levels for the altcoin season to return, says cryptocurrency analyst Arthur Hayes.

Cryptocurrencies could break out of their sideways price trend starting in September, according to Arthur Hayes.

Bitcoin is trading sideways below 60,000 $ and Ether is struggling under the resistance at 2,750 $ on Tuesday.

One week after the cryptocurrency market collapse, Bitcoin (BTC) and Ether (ETH) are recovering from the correction. BTC is hovering around the resistance at 60,000 $ on Tuesday, while Ethereum is struggling to break the persistent resistance at $2,750.

Altcoins ranked among the top 30 assets by market capitalization are also reversing some of the recent losses. Traders are waiting for an altcoin season, an informal term for a period of time in which the top 50 alternative assets outperform Bitcoin.