Opportunities Appearing for High-Quality Altcoins, According to Real Vision Analyst Jamie Coutts – Here’s Why
A intently adopted crypto analyst believes that prime altcoin tasks may quickly surge towards larger costs primarily based on one key metric.
Jamie Coutts, the chief crypto analyst at Real Vision, says that “high quality” altcoins could possibly be approaching a market backside primarily based on the highest 200 equal weight index versus market cap ratio.
The highest 200 equal weight index tracks the efficiency of the highest 200 cryptocurrencies by market cap relative to Bitcoin (BTC).
He means that primarily based on historic priority, some alts could quickly end correcting and reverse course.
“My small-cap or alt-sentiment chart: the highest 200 equal weight index versus market cap ratio chart (prime) exhibits a continuation of the identical theme from final month.
- Small cap underperformance is at excessive (blue sub-chart). Sure, alternatives for washed-out high-quality alts.
- Whereas the ratio chart development is down, till there’s a reversal (turns inexperienced) an all-out ‘altseason’ just isn’t attainable.
- For now, small caps will battle till BTC breaks the all-time excessive (nonetheless my base case for this yr).”
The analyst additionally says that the broader altcoin market could not begin to get better till late 2024 or early 2025 primarily based on what number of alts are underperforming towards the highest crypto asset.
“One other lens, my altseason indicator (variety of property outperforming BTC). Once more, we’re clearly at washed-out ranges of detrimental alt sentiment with solely 11% beating BTC in previous 90 days.
Normally the bottoming course of takes months to resolve earlier than a restoration (expectation late This fall or early 2025). My evaluation factors to this being akin to the 2020 pukes versus the tip of cycle 2022 collapse.”
Do not Miss a Beat – Subscribe to get electronic mail alerts delivered instantly to your inbox
Verify Worth Motion
Observe us on X, Facebook and Telegram
Surf The Every day Hodl Combine
 
Disclaimer: Opinions expressed at The Every day Hodl are usually not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual danger, and any losses chances are you’ll incur are your duty. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in online marketing.
Generated Picture: Midjourney
