Asset manager VanEck has listed his predictions for the altcoin market and Bitcoin (BTC) price. Accordingly, VanEck analysts said that as the altcoin index rises, the rise for Bitcoin will continue.
VanEck analysts have published a report stating that the Altcoin Seasonal Index has increased by 53% over the past 30 days.
At this point, analysts said they believe the altcoin seasonal index is showing signs of reaching its peak, which could lead to strong gains for Bitcoin in the coming months.
Citing historical data, analysts noted that when the Altcoin Seasonal Index crosses 60, Bitcoin tends to deliver positive returns in the following months.
Analysts who are quite optimistic about Bitcoin added that the recent strong performance of altcoins points to a potential BTC rally.
“The Altcoin Season Index measures the percentage of the top 50 cryptocurrencies that have outperformed Bitcoin over a 90-day period. A value above 60 indicates a historically strong altcoin season and is a bullish signal for BTC.
As a result, Bitcoin generally drives up altcoin prices. The rise in altcoins creates a feedback loop where the price of Bitcoin also drives up until it reaches a cycle peak.”
*This is not investment advice.
