Real Vision analyst Jamie Coutts warned that the altcoin market is in a bearish trend after six months of strength.
The former Bloomberg analyst told his 18,400 followers on social media platform X that most alternative investments are currently outperforming Bitcoin (BTC).
“A quick update on altcoin jitters. Most cryptocurrency funds are overweight alternatives and are not having as much fun as you would like, despite the six-month gap from Q4 2023 to Q1 2024. Despite ETH’s recent outstanding performance, there is no follow-up (top chart) and smart contract platform. The (SCP) sector continues to lag Bitcoin. The Alt-Season Index (bottom) confirms this trend, showing a downward trend with only 18% of the top 100 assets (excluding stables) outperforming BTC.”
However, analysts predict that altcoins will surge later this year and that the Altcoin Seasonal Index, which measures the profitability of digital assets relative to BTC, could start showing strength for altcoins in the coming months.
“I still believe there will be a turnaround sooner rather than later, as liquidity on margins starts to improve (recent central bank cuts).
Altseason Signal: Short-term alternative price action remains bearish, but a bullish moving average cross on the top chart and a reversal on the Altseason Index child chart would be a very clear signal that things have changed.”
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