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Cryptocurrency analysts are observing signs of Bitcoin buyer exhaustion as retail investors increasingly turn their attention to alternative digital assets. The crypto sentiment index surged from 0.23 to 0.91 within a week, according to Bitwise researcher Max Shannon, indicating growing interest in altcoins following Bitcoin's recent all-time high above $124,000.
Google search trends for Ethereum and altcoins have reached multiyear highs, mirroring patterns seen in previous market cycles. Shannon notes this "classic froth-infused behavior" often precedes buyer exhaustion, potentially leading to a Bitcoin pullback as capital rotates into other cryptocurrencies. The Crypto Fear & Greed Index has already retreated from 68 to 59, moving from "greed" to "neutral" territory.
——This shift comes as Bitcoin dipped below $118,000 following mixed signals from US Treasury Secretary Scott Bessent about government Bitcoin reserves——
Despite short-term volatility, analysts remain bullish about the broader crypto market. Nexo's Stella Zlatareva points to upcoming regulatory decisions, including the SEC's Solana ETF deadline in October, as positive indicators. 【CoinMarketCap data】 shows the altcoin season index climbing from 33 to 42, though still below the 75 threshold that traditionally signals full altcoin season conditions.
Coinbase Institutional's David Duong anticipates a "potential shift towards full-scale altcoin season" in September. MN Trading's Michaël van de Poppe predicts altcoins could see 【100-150% gains】 in their initial rally phase. This projection aligns with historical patterns where Bitcoin stability creates favorable conditions for altcoin performance.
The market appears poised for transformation as investor focus expands beyond Bitcoin. With regulatory clarity improving and institutional interest growing, the coming months may test whether altcoins can deliver on their promised potential while Bitcoin consolidates its recent gains.