Real Vision Analyst Jamie Coutts Issues Altcoin Warning As Markets Kick Off Week in the Red – Here’s His Outlook
Real Vision analyst Jamie Coutts is warning that the altcoin market is in a bearish pattern after a powerful six-month future.
The previous Bloomberg analyst tells his 18,400 followers on the social media platform X that almost all alts at the moment are being outperformed by Bitcoin (BTC).
“A quick update on the altcoin malaise. Most crypto funds are overweight alts and not having as much fun as they would like, despite having a cracking six months from Q4 2023 to Q1 2024. Despite ETH’s recent outperformance, there’s been no follow-through (top chart) and the smart contract platform (SCP) sector continues to lag behind Bitcoin. The altseason index (bottom) confirms this trend, heading lower with only 18% of the top 100 assets (excluding stables) outperforming BTC.”
Nevertheless, the analyst predicts alts will surge later this 12 months and that the altcoin season index, which measures the profitability of digital property relative to BTC, may begin flashing bullish for alts inside months.
“I nonetheless imagine a turnaround will occur in the second half of the 12 months – sooner fairly than later, as liquidity at the margins is beginning to enhance (current central financial institution cuts).
Altseason sign: whereas the short-term alt value motion stays bearish, a transferring common bullish cross on the prime chart and a reversal on the altseason index sub-chart could be a fairly clear sign that issues have modified.”
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