Altcoins
Real Vision analyst Jamie Coutts issues warning on Altcoin as markets start week in red – here’s his outlook
Real Vision analyst Jamie Coutts warns that the altcoin market is in a downtrend after a strong six-month run.
The former Bloomberg analyst tell his 18,400 followers on social media platformBTC).
“A quick update on the altcoin malaise. Most crypto funds are overweight and not having as much fun as they would like, despite a rough six months between Q4 2023 and Q1 2024. Despite ETH’s recent outperformance, there is no eu tracking (top chart) and the smart contract platform (SCP) continues to lag behind Bitcoin. The altseason index (bottom) confirms this trend, falling with only 18% of the 100 main assets (excluding stables) outperforming BTC.
Source: Jamie Coutts/X
However, the analyst predicts that alts will rise later this year and the Altcoin Season Index, which measures the profitability of digital assets relative to BTC, could start turning bullish for alts within a few months.
“I continue to believe that a turnaround will occur in the second half – sooner rather than later, as liquidity at the margins starts to improve (recent central bank cuts).
Altseason Signal: While near-term alternative price action remains bearish, a bullish moving average crossover on the top chart and a reversal on the altseason index subchart would be a pretty clear signal that things have changed .
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