Former Bloomberg analyst Jamie Coutts has made significant forecasts about the altcoin market, predicting a major uptrend against Bitcoin (BTC). Sharing his insights on the social media platform X, Coutts emphasized the likely onset of an altcoin season. He utilized the altcoin season index to illustrate this potential shift, which gauges the profitability of altcoins compared to BTC.
What Signals an Impending Altcoin Season?
Coutts identified several key indicators suggesting a near-term altcoin surge. These include the current state of the cryptocurrency market, upcoming US presidential elections, and the overall liquidity cycle. He noted that a typical sign of an altcoin season is the rise of the smart contract platform (SCP) sector and an upward trend in the altcoin season index, shown through green arrows on his chart indicating a bullish outlook for altcoins.
Which Altcoins Are Poised to Lead?
Although the altcoin season index has yet to make a significant breakout, Coutts pointed out the early signs of an uptrend in SCP projects. He highlighted Solana (SOL), NEAR Protocol (NEAR), and Toncoin (TON) as the top contenders likely to perform well in the coming weeks. According to him, these projects could spearhead the anticipated altcoin season by showing relative strength against Bitcoin.
Investment Strategies for Upcoming Altcoin Season
For investors aiming to capitalize on the approaching altcoin season, Coutts suggests two potential strategies:
- Invest in anticipation of the altcoin season.
- Focus on altcoins that are already outperforming BTC, relying on their continued strength.
These strategies can help investors make the most of the expected market dynamics.
Recent Performance of Highlighted Altcoins
Recent data reveals that SOL is trading at 0.00250 BTC ($168) with an approximate 1% increase over the last 24 hours. NEAR is trading at 0.0001135 BTC ($7.63), showing a slight daily increase. TON is priced at 0.00009646 BTC ($6.46), reflecting a 1.17% rise in the last 24 hours. These movements support the upward momentum in the SCP sector, aligning with Coutts’ bullish projections.