Real Vision Analyst Foresees Upward Momentum for Leading Altcoin Projects Driven by Key Indicator
Real Vision’s crypto expert Jamie Coutts has identified a potential bullish trend on the horizon for major altcoin ventures, underpinned by a critical metric. Coutts suggests that high-caliber altcoins are approaching a market bottom, a scenario hinted at by the top 200 equal weight index compared to market capitalization ratios.
By tracking the top 200 cryptocurrencies’ performance concerning market capitalization in relation to Bitcoin (BTC), Coutts highlights a pattern that historically precedes a turnaround for specific altcoins post a correction phase.
In his evaluation, Coutts underscores the significant underperformance of low-cap altcoins, indicating promising prospects for top-tier initiatives. Nonetheless, he cautions that a definitive bullish phase or ‘altseason’ awaits a reversal in the ratio chart’s direction towards the positive.
Looking at the overall altcoin landscape, Coutts envisions a potential recovery window stretching into late 2024 or early 2025, gauged by the multitude of altcoins lagging behind Bitcoin. With merely 11% of assets outperforming BTC in the past three months, sentiment surrounding altcoins appears bleak.
Citing parallels with past market cycles, Coutts draws comparisons to the altcoin market’s resurgence seen in 2020 following a substantial downturn until 2022.
In summary, Coutts’ analysis hints at an impending bullish trajectory for prime altcoin ventures in the near term, conditional on a shift in market sentiment. The road to recovery may span several months before witnessing a notable uptick, anticipated around late Q4 in 2024 or early 2025.
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