A long-standing debate on whether or not the altcoin season will kick off this year is still ongoing. Thus far, there have been many opposing outlooks from different market participants.
While some are convinced that altcoins will underperform for the rest of the year, others remain optimistic that the highly anticipated altcoin season will come into play before the close of the year.
One such analyst who maintains a bullish outlook for altcoin is João Wedson. The verified analyst published on Cryptoquant and CoinMarketCap is sharing yet another bullish take with his 7,000+ follower base.
In a post shared on X, the analyst makes a bold assertion, stating that a “mini altcoin season” is in play. Notably, altcoin season is a period when alternative coins outperform Bitcoin for a few weeks to several months.
Per Wedson’s observation, as illustrated by an altcoin season index vs Bitcoin chart he shared, 90% of altcoins have outperformed Bitcoin over the past 72 hours.
“After months of saying that June and July would heat up the altcoin market — this is just the beginning! Few will believe we’re in an Altcoin Season because the media and baseless analyses fill your head with hopelessness.” The analyst wrote.
It, however, bears mentioning that the Altcoins in question include Altcoins outside the top 100 category. Notably, altcoin season usually kicks off when 75% of the top 100 Altcoins outperform Bitcoin within 90 days.
According to data from CoinMarketCap, only 26 out of 100 leading altcoins have outperformed Bitcoin over the past 90 days. The highest value of 30 was last recorded in June, while April 26 marked a yearly low, with only 12 altcoins outpacing Bitcoin.
Wedson, who appears to be sticking to his guns, maintains that multiple “mini altcoin seasons” can be observed within a week. He remarks that whale activity is usually heightened at this time, and concludes with an even more bullish forecast for altcoins.
“I’ve shared many times that within just one week, several mini Altcoin Seasons can happen — and that’s exactly when whales make fast, massive profits. But make no mistake: a larger Altcoin Season is already underway.” He added.