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Renowned crypto analyst Josh Olszewicz has declared what many crypto traders have long been waiting for: Altcoin Season has officially begun. In a market breakdown released on July 16, Olszewicz dismissed any lingering doubt about the current market structure, arguing that the conditions for outsized altcoin performance are firmly in place.
Crypto Alert: Altcoin Season Is Here
“For years, you’ve had people telling you, ‘It’s an alt season.’ The funny thing is, when alt season is actually here, you don’t need anybody to tell you—it’s obvious,” Olszewicz said, emphasizing that current price action across major alts and risk assets leaves little room for ambiguity.
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According to Olszewicz, Bitcoin remains the backbone of the crypto market, consolidating near $120,000 at the yearly pivot with “plenty of room to go” on technicals. He acknowledged that BTC’s strength underpins the entire market cycle, but the focus has shifted to the explosive moves underway in altcoins. “Let’s be honest—you’re here because you want to outperform BTC by 2x to 5x. That’s the goal,” he said.
Ethereum sits at the center of this rotation, breaking out decisively from $2,200 to above $3,200. “ETH has had quite the breakout. It’s above the next pivot at $3,200. I don’t need the cloud to tell me this is bullish,” Olszewicz noted, pointing to technical tailwinds and regulatory clarity surrounding staking and ETFs as additional catalysts. While ETH advocates have renewed confidence, Olszewicz cautioned against overconfidence: “Be careful drinking the Kool-Aid. ETH could go to $10K, but I think it’ll struggle at $5K. For July, $4K looks realistic—but that’s already nearly 4x from the April bottom.”
The analyst also flagged Solana as a key player for those who missed the early moves in BTC and ETH. “Sol is starting to look better and better here, approaching the yearly pivot. If it breaks above $177, watch out,” he said, although he warned that the SOL/ETH chart still shows weakness. Other strong setups include Sui, Avalanche, and meme coins like Dogecoin and Pepe, which have already logged triple-digit percentage gains in recent weeks from their respective bottom.
Still, Olszewicz urged traders to temper expectations for an uninterrupted melt-up. Historically, August and September have been weaker months for crypto, and he anticipates potential sharp corrections in alts. “Maybe we don’t see huge continuation in those months. We could even get negative 25% days on alts—just randomly, for whatever reason. You know that’s coming,” he said.
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Despite these caveats, the broader outlook remains decisively bullish. “It’s hard to throw a dart and miss at this point in the market. Everything looks good. If you’re in positions that aren’t working here, you need to ask yourself why,” Olszewicz added. He highlighted that even NFTs, long considered a proxy for speculative appetite, are surging again, with collections like Pudgy Penguins and Bored Apes seeing multi-week highs.
As for the much-debated ETH/BTC pair, Olszewicz reminded traders that relative value matters. “This is why everyone came here—for this chart. We’re still far below the cloud, at levels last seen in 2020. The target for mean reversion is 0.038. Until ETH/BTC is above the weekly cloud, don’t get carried away with the ETH-maxi stuff,” he said, adding that the long-term bear trend could persist into 2026 despite short-term strength.
Olszewicz closed with a note of caution for overleveraged traders. “This is a marathon, not a sprint. Don’t lose your shirt on 50x leverage when there’s so much market left to trade,” he warned.
With total altcoin market capitalization approaching critical resistance near $1.5 trillion and sentiment flashing risk-on across the board, the message from one of crypto’s most followed analysts is clear: Altcoin Season isn’t coming—it’s already here.
At press time, the total crypto market cap surged to 3.75 trillion.
Featured image created with DALL.E, chart from TradingView.com
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