The altcoin bull market is heating up as the leading cryptocurrency Bitcoin (BTC) approaches $66,000. Will the altcoin season begin?

Rises continue in the crypto market, which is moving with China's economic stimulus announcement. BTC, which prices the positive outlook in global markets, touched the $66,000 level. BTC's significant momentum opened the way for altcoins as well.

AMBCrypto, the analysis platform, examined the progress of altcoins while BTC is gaining strength these days. The analysis stated that several conditions need to be met for the altcoin season to truly begin.

How will the altcoin season start?

Bitcoin (BTC), approaching its all-time high, has whetted the appetite of crypto investors. Investors have sprung into action for a potential altcoin bull run. Many altcoins have recorded an increase of between 30% and 50% since the beginning of October.

The rise of many coins in the crypto market has led to speculation that altcoins will outperform BTC. Amidst speculation about altcoin season, important signals are starting to emerge from analyses.

AMBCrypto made striking statements in its analysis titled 'Altcoin season may have to wait a little longer'. The analysis included the following statements;

"Altcoin season will begin with 37 out of the top 50 altcoins outperforming BTC"

According to the current price charts, 17 out of the top 50 altcoins outperformed BTC. Among the altcoins, SUI stood out with a 155% increase.

The analysis, indicating that the accumulation necessary for the altcoin season has not yet occurred, expressed that short-term gains in altcoins will be seen until the BTC price reaches its all-time high.

AMBCrypto warned that a price correction could occur at any moment in BTC. The analysis, which expects a drop below $64,000 for BTC, claimed that the price would reach an all-time high after the said pullback.

AMBCrypto, stating that the altcoin bull market is dependent on BTC, recorded the following;

The criteria for an altcoin season are largely dependent on the initial movement of BTC. When BTC gains momentum, altcoins generally follow. If more altcoins show resistance to the expected BTC correction, a potential altcoin season may begin.

This article does not contain investment advice or recommendations. Every investment and trading activity carries risk, and readers should conduct their own research when making decisions.