Altcoins
Jamie Coutts, Real Vision analyst, issues a warning on Altcoins as markets start the week in red: here are his outlook
Real Vision analyst Jamie Coutts warns that the altcoin market is in a bearish trend after a strong six-month period.
The former Bloomberg analyst tells its 18,400 followers on social media platform X that most alts are now surpassed by Bitcoin (Bitcoin).
“A quick update on the altcoin malaise. Most crypto funds are overweight and not having as much fun as they would like, despite spending six months between Q4 2023 and Q1 2024. Despite ETH’s recent outperformance, there has been no follow-through (chart in high) and the smart contract platform (SCP) continues to lag behind Bitcoin. The Altseason Index (bottom) confirms this trend, falling with only 18% of the top 100 assets (excluding stables) outperforming BTC.”
Source: Jamie Coutts/X
However, the analyst predicts that altcoins will rise later this year and that the altcoin season index, which measures the profitability of digital assets relative to BTC, could start flashing higher for altcoins within a few months.
“I still believe there will be a turning point in the second half of the year, sooner rather than later, as liquidity on the margins is starting to improve (recent central bank cuts).
Altseason Signal: While short-term alt price action remains bearish, a bullish moving average cross on the upper chart and a reversal in the secondary chart of the altseason index would be a pretty clear signal that things have changed.
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