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Bitcoin 
$103,940 prices currently hover around $87,400, leading to increased discussions about cryptocurrencies. As BTC begins to achieve satisfying record levels, expectations for six-figure price targets gain support. We might observe impressive gains in the next phase as new investors flock to the market.
When Will the Altcoin Bull Run Begin?
Most altcoins have yet to reach their peaks for 2024. This is not surprising, as the focus remains on BTC while its price races towards new all-time highs. A user with the pseudonym Negentropic summarized the current situation based on past experiences and outlined the indicators to track.
“When is the Alt Season? Bitcoin dominance is pulling back from its peak levels, but we are still deep in Bitcoin season. For an altcoin rally, BTC needs to consolidate and its dominance must decline – however, with Bitcoin in a frenzy, this might still be a distant prospect. Want an early signal? This is the indicator to watch!”
Altcoin Sherpa believes that instead of widespread surges across altcoins, attention should be paid to certain meme coins during this period. We previously noted that DOGE could see rapid gains with a potential BTC rise, especially when its price was around $0.1, and this has indeed occurred. What is the analyst’s current assessment?
“Changing day by day, memes are still the undisputed leaders in terms of overall gains in this sector. Today, $BONK ($NEIRO and $DOGE) is surging significantly. Tomorrow, SHIB/WIF/PEPE might take the spotlight.”
Bitcoin Might Drop
Even with a strong upward trend, it’s typical for BTC prices to fluctuate due to profit taking and experience sudden pullbacks. If you’ve been following cryptocurrencies for a few years, let’s reiterate our 2021 warning.
“Don’t neglect to consider the opinions of experts who have sufficient market experience and have been around for a long time. Otherwise, learning through experience could cost you dearly.”
Kyle noted in today’s analysis that the potential for a correction could stem from the profit-taking motivations of short-term investors.
“Bitcoin surpassing $88,000 could prompt short-term investors to transfer their BTC to the Binance exchange for potential profits, signaling possible selling pressure. This influx could shake Binance’s liquidity and increase volatility, paving the way for price declines. Considering these movements is crucial for identifying market trends and uncovering profit opportunities.”
