Altcoin Season Chatter Heats up on X, While Index Indicates It’s Still Far Off

Just ten days ago, Bitcoin.com News highlighted blockchaincenter.net’s Altcoin Season Index (ASI), which was sitting at a modest 22 out of 100. Fast forward to Sept. 3, 2024, and despite all the buzz about the elusive “altcoin season,” the ASI has dipped slightly, now standing at 18 out of 100.

Altcoin Season Speculation Swirls on X

If you scroll through X (formerly Twitter), you’ll notice quite a few posts hyping up the arrival of altcoin season. Many users have been sharing a particular chart that originated from Moustache, a well-known crypto trading analyst with 133.6K followers on X. On Sept. 1, 2024, Moustache remarked, “Altcoins are on a trendline that has been of great importance for 5 years. In the past, every touch of this trendline has led to a subsequent altcoin season.”

Moustache added:

As mentioned many times before: You need patience in this market. Those who have it will be richly rewarded.

Moustache’s chart shared on Sept. 1, 2024.

After Moustache’s post, a wave of users on X started circulating the same message and chart. A day earlier, the X account Grey BTC offered a different perspective on Aug. 31, sharing a unique chart and commenting, “Based on this Money Flow Cycle. Altcoin season is just around the corner. 4x to 8x on big cap alts. infinite X on low caps,” the social media account added.

Another X account dubbed Avocadodaddy said:

Altcoin season is coming, and it’s like the indie band you loved before they went mainstream – about to blow up while everyone’s still obsessed with the headliner, [bitcoin]. Are you getting in early, or waiting until the alts are selling out stadiums?

While the excitement and chart signals are buzzing, blockchaincenter.net’s Altcoin Season Index (ASI) tells a different tale. As previously mentioned, Bitcoin.com News covered the ASI ten days ago when it was at 22 out of 100. Since then, it has dropped to 18.

Blockchaincenter.net’s Altcoin Season Index (ASI) on Tuesday, September 3, 2024.

According to the site’s ASI guidelines, an “altcoin season” kicks off when 75% or more of the top 50 altcoins outperform bitcoin over a 90-day span. That hasn’t been the case, though, and since mid-July 2024, the ASI has been drifting further from that benchmark, highlighting that it’s still very much bitcoin season.

On the flip side, the crypto world is constantly shifting, and a low ASI score today doesn’t rule out the possibility of an altcoin season sneaking up on the market soon. Moustache, Grey BTC, and Avocadodaddy might be onto something with their theories, and their predictions could indeed play out. History shows that when altcoin season does arrive, those who’ve patiently bided their time are often rewarded handsomely with gains that outshine bitcoin’s growth.

What do you think about the buzz on X surrounding the always elusive ‘altcoin season’? Share your thoughts and opinions about this subject in the comments section below.

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