Why Bitcoin's next breakout may not be an altcoin season signal

On April 14, (BTC) reached a $64,900 all-time high after accumulating 124.5% gains in 2021. However, a 27.5% correction followed over the next eleven days, marking a $47,000 local bottom.

The popular Crypto Fear and Greed Index reached its lowest level in 12 months on April 25, signaling that investors were closer to “extreme fear,” which was a complete reversal from the “extreme greed” level seen during the Bitcoin rally above $60,000.

Bitcoin price in USD, Coinbase. Source: TradingView
Altcoin market capitalization, USD billion. Source: TradingView
Top altcoin performances from April 22 to May 9. Source: CoinCodex
Worst performance from the top-100 altcoins between April 22 to May 9. Source: CoinCodex