The possibility that the altcoin industry, aka altcoin season, could be postponed until 2025 may depend on the specific price levels of the world’s two largest cryptocurrencies.

Arthur Hayes, co-founder of Bitmex and CIO of Maelstrom Fund, states that Bitcoin and Ether must regain key psychological levels before the altcoin segment can begin its bull rally.

Hayes wrote in a research note published on August 12:

“The alt season will return after Bitcoin and Ether significantly surpassed the $70,000 and $4,000 levels, respectively… A dollar liquidity-driven Bitcoin and Ether rally continuing through the end of the year will provide a solid foundation for the return of the sexy shitcoin soiree.”

Bitcoin and Ether prices are recovering after last week’s $510 billion cryptocurrency market sell-off. This decline caused both cryptocurrencies to fall to the levels they reached in February.

Bitcoin fell below a significant post-halving growth curve when it dropped below $63,000, but it is expected to regain this curve before the end of 2024, pushing Bitcoin back towards the $100,000 level.

This post-halving growth curve is in line with Hayes’ predictions, and he also expects Bitcoin to surpass $100,000 this cycle.

Hayes notes that this move will be largely triggered by the issuance of Treasury bills (T-bills), which could inject new liquidity into crypto markets:

“Therefore, taking Bad Gurl Yellen’s word into account, we know that $301 billion worth of T-bills will be issued net by the end of the year. If this relationship holds, Bitcoin will quickly compensate for the decline caused by the strengthening of the yen. Bitcoin’s next target will be $100,000.”

However, Bitcoin is currently struggling to rise above the $60,000 psychological level as Bitcoin exchange-traded fund (ETF) inflows continue.

US spot Bitcoin ETFs collected a total of $27.8 million worth of BTC on August 12, but saw inflows totaling $89 million on August 9, according to data from Farside Investors. Solana token, currently the fifth-largest cryptocurrency in the world, could rise to $250 in the next altcoin season.

Hayes states that Bitcoin exceeding the psychological level of $ 70,000 could attract more investments to Solana and writes:

“Solana will also rise above $250, but the crypto market-wide wealth impact of a Solana pump is not as strong due to their relative market capitalizations compared to Bitcoin and Ether.” However, Solana’s price is currently down 42% from its historical peak of $259 reached in November 2021.