Jamie Coutts is a market analyst who believes the crypto market could be about to reshape itself after a prolonged period of consolidation. Coutts thinks the market is ready for an altcoin rally that will follow in the footsteps the “insane”Bull Run of 2020-2021
Altcoin Revival on the Horizon?
Coutts believes that the acceleration of global liquidity is what is driving this. He notes Bitcoin is lagging behind the increase in M2, a key indicator for market trends. Coutts said that in most cases, the conditions and progress for an altcoin rally is already present.
Coutts’ analysis also highlights the underperformance of Ethereum (ETH) relative to Bitcoin, with the ETH/BTC ratio Continue to read “bleed out” following a brief signal of bullishness in June. He believes that this is an opportunity as ETH’s historical performance against BTC suggests it has been oversold.
Coutts says that while the market is still choppy and Bitcoin has been consolidating, altcoins are testing their upper limits of the downtrend channel. He believes all the pieces will fall into place to see a new surge.
Market experts emphasize that the “Crypto Top 40 Advance/Decline Line (ADL)”Need to get started leading price action Flip the market to positive for a real turnaround.
Bitcoin Generating ‘Outsized Returns’
Coutts reflects on the recent market event and highlights a noteworthy oversold value during the Yen carrying unwind, signalling significant assets to hit. 6-month lows. The market is still ambivalent, as the percentage of assets that are above their moving average of 200 days (MA) has remained at just 25%.
Only 13% of top assets outperform Bitcoin. This suggests that select high-quality assets will bottom out, and then excel when the bull market returns. Coutts also mentions TRON and TON as specific coins that have shown adoption among market pullbacks.
Coutts said that all the elements and progress for an altcoin rally have started to coalesce. They include assets such as the ones being “extremely oversold, unloved and under-owned,”: global liquidity rising in an “meaningful way,”Bitcoin generating “outsized returns”This allows weak holders to recycle their profits in altcoins.
Reinforcing Coutts’ bullish stance, Julio Moreno, head of research at data analytics firm CryptoQuant, pointed Stablecoin Market Capitalization Reaching a New Record High Above $165 Billion. Moreno believes that this “implies higher liquidity in the crypto markets” – a key ingredient for the next Crypto bull run
BTC currently trades at $60,830. That’s an increase of more than 3% over the past 24 hours. Further consolidation above this level will be key for Bitcoin’s recovery in the coming days.
Chart from TradingView.com, image from DALL.E
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Source: www.newsbtc.com