Analysts Caution ‘Next Wave’ as $65K Bitcoin Break Sparks Altseason FOMO
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Bitcoin’s bullish break above $65K has ignited FOMO in the altcoin market as altseason anticipation rises, according to 10x Research CEO Markus Thielen.
In a September 26th 10x market update, Thielen maintained a bullish outlook for altcoins, citing Bitcoin’s recent break above the stubborn resistance threshold at $65,000 as a prelude to the “next wave.”
Thielen opined that Bitcoin’s breakout above $65,000 has “fuelled” FOMO returning to the altcoin market. “A major surge could be on the horizon, sparking even more FOMO across the crypto space,” he added.
A scenario he forecasts to unfold quickly, setting a Bitcoin target of $70,000 in the next two weeks, with “all-time highs by late October.”
This focus on altcoins is underscored by notable shifts in market dynamics. Bitcoin’s dominance has waned, down 1.57% to 57.51%, according to TradingView data. Meanwhile, Ethereum gas fees have spiked, fueled by a surge in altcoin activity across the ecosystem.
Analysts have interpreted this as a sign that Bitcoin’s dominance is peaking. Investors appear to be selling BTC and rotating their capital into alternative coins, indicating that “altcoins are likely the focus for now.”
Thielen suggested that if the US Federal Reserve “remains open to cutting rates,” high-beta altcoins will likely gain further momentum.
His comments come shortly after the Fed’s September 18th decision to cut rates by 50 basis points, a bullish indicator for riskier assets. Declining interest rates make traditional investments like bonds and term deposits less appealing to investors.
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