Cryptocurrency analyst Crypto Capital Venture recently discussed the potential for an altcoin season, suggesting that it has not yet arrived based on historical trends. In a recent video, the analyst explained that while some altcoins may be showing gains, the true altcoin season is yet to occur.

While altcoin season has not arrived yet, the analyst suggested that it could be fast approaching, especially considering the current market trend and the potential for Bitcoin to break through key resistance levels shortly.

He explained that Bitcoin has approached the bull market doors but has not yet broken through them. This is a crucial aspect to consider when discussing the onset of altcoin season. For altcoin season to commence, Bitcoin must consistently close its weekly candles above approximately $57,000. 

Hypothetically, if Bitcoin were to breach these bull market doors in the coming weeks, it would provide an opportunity to compare its performance with altcoins like Cardano (ADA) and Ethereum (ETH). In November 2020, when Bitcoin broke similar resistance levels, there was a noticeable effect on Bitcoin dominance, which declined as altcoins surged. This trend was particularly evident in ADA and ETH, which saw significant gains compared to Bitcoin.

Drawing parallels with previous cycles, the analyst pointed out that Bitcoin has not yet broken through these bull market doors in the current cycle. However, there are indications that such a breakthrough could happen soon, potentially leading to a surge in altcoin prices.

Using historical data from previous cycles, the analyst highlighted the importance of monitoring Bitcoin’s price movements and the impact on altcoins. Investors can anticipate the onset of the altcoin season by observing patterns such as Bitcoin dominance trends and altcoin performance relative to Bitcoin. At the time of writing, Bitcoin is trading at $51,500.