Willy Woo Predicts Waning Altcoin Seasons

Altcoin seasons are likely to persist, much to the delight of speculators, yet the intensity of returns is expected to diminish as the cryptocurrency market matures. This perspective was shared by analyst Willy Woo.

“This cycle is markedly different from others. It is the third cycle since retail trading began to scale with altcoins that broke into the mainstream in 2017. The years 2020-2021 were about DeFi and NFT ‘innovations,’ […] and this third cycle is about meme coins that mock the crypto industry. There is no pretense of trying to be revolutionary, world-changing technologies, just an honest casino,” he wrote.

According to Woo, the dominance chart resembles a decade-long crash and recovery, akin to a “COVID crash in slow motion.” With each season, altcoin growth will become weaker, the expert added.

“Trade them, of course, if you wish. Never hodl them unless you are so well-informed that you are an effective insider, because altcoins are an insider’s game, like a casino where the house eventually wins. But you already know that,” the analyst emphasized.

In May, Woo predicted Bitcoin would reach $1 million by 2035. He noted that this would be the “fair price” for the first cryptocurrency by that time.

Earlier, analysts at Hashkey Capital suggested that merely surpassing the historical high of digital gold is insufficient to trigger an altcoin season. In their view, Bitcoin must reach $80,000 for this to occur.

Bitwise outlined the conditions for the first cryptocurrency to rise above this mark by the end of the year. These include a victory by Donald Trump in the U.S. presidential election, a 50 basis point rate cut by the Fed with new stimuli from China, and the absence of significant surprises in the industry.