{"id":636747,"date":"2024-08-21T11:00:44","date_gmt":"2024-08-21T11:00:44","guid":{"rendered":"https:\/\/wncen.com\/?p=636747"},"modified":"2024-08-20T18:27:34","modified_gmt":"2024-08-20T18:27:34","slug":"bitcoin-underperformance-precedes-insane-altcoin-rally-expert-warns-of-repeat","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-underperformance-precedes-insane-altcoin-rally-expert-warns-of-repeat\/","title":{"rendered":"Bitcoin Underperformance Precedes ‘Insane Altcoin Rally,’ Expert Warns Of Repeat"},"content":{"rendered":"

According to market expert Jamie Coutts, after an extended period of consolidation and lackluster performance by the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), the market may be poised for a resurgence. Coutts believes the ingredients are in place for a broad altcoin rally, following in the footsteps of the “insane” bull run of 2020-2021.<\/p>\n

Altcoin Revival On The Horizon?\u00a0<\/span><\/h2>\n

The key catalyst, Coutts says, is the influx of global liquidity that is starting to accelerate. He <\/span>notes <\/span><\/a>that Bitcoin lags behind the upward movement in the broader M2 money supply, a crucial indicator of market trends. Coutts explained that the ingredients and progression for a broad altcoin rally are normally in place.\u00a0<\/span><\/p>\n

Related Reading: Solana (SOL) Continues Sideways Move As Outflows Record $39 Million<\/a><\/div>\n

Coutts’ analysis also highlights the underperformance of Ethereum (ETH) relative to Bitcoin, with the<\/span> ETH\/BTC ratio<\/span><\/a> continuing to “bleed out” after a brief bullish signal in June. However, he believes this presents an opportunity, as ETH is likely oversold based on its historical performance against BTC.<\/span><\/p>\n

While the crypto market landscape remains choppy, with Bitcoin consolidating and altcoins testing the upper end of their downtrend channels, Coutts believes the pieces are falling into place for a renewed surge.\u00a0<\/span><\/p>\n

The market expert emphasizes that the “Crypto Top 40 Advance\/Decline Line (ADL)” needs to start leading <\/span>price action<\/span><\/a> and flip positive to signal a true market turnaround.<\/span><\/p>\n

Bitcoin Generating \u2018Outsized Returns\u2019<\/span><\/h2>\n

Reflecting on recent market events, Coutts highlights a notable oversold reading during the Yen carry unwind event, signaling significant assets hitting <\/span>6-month lows<\/span><\/a>. The percentage of assets above their 200-day moving average (MA) remains at a modest 25%, indicating a general sense of ambivalence in the market.<\/span><\/p>\n

Regarding performance, only 13% of the top assets are outperforming Bitcoin, suggesting a phase where selective high-quality assets are poised to bottom out and excel once the bull market resumes. Coutts mentions specific coins like TRON and TON, which have demonstrated adoption amidst <\/span>market pullbacks<\/span><\/a>.<\/span><\/p>\n

Coutts maintained that the ingredients and progression for a broad altcoin rally are starting to come together. These include the assets being “extremely oversold, unloved and under-owned,” global liquidity turning higher in a “meaningful way,” and bitcoin generating “outsized returns” that allow weak holders to recycle profits into altcoins.<\/span><\/p>\n

Related Reading: Shiba Inu Secures Community Support To Rally To $1, Here\u2019s How<\/a><\/div>\n

Reinforcing Coutts’ bullish stance, Julio Moreno, head of research at data analytics firm CryptoQuant, <\/span>pointed <\/span><\/a>to the stablecoin market capitalization reaching a fresh record high above $165 billion. Moreno argues that this “implies higher liquidity in the crypto markets” – a key ingredient for the next crypto bull run.<\/span><\/p>\n

\"Bitcoin\"
The daily chart shows BTC’s price recovery of the $60,000 mark. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

At the time of writing, BTC is trading at $60,830, up over 3% in the 24-hour time frame. Further consolidation above this level will be key for Bitcoin’s recovery in the coming days.<\/span><\/p>\n

Featured image from DALL-E, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

According to market expert Jamie Coutts, after an extended period of consolidation and lackluster performance by the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), the market may be poised for a resurgence. Coutts believes the ingredients are in place for a broad altcoin rally, following in the footsteps of the “insane” bull run of 2020-2021. Altcoin Revival On The Horizon?\u00a0 The key catalyst, Coutts says, is the influx of global liquidity that is starting to accelerate. He notes that Bitcoin lags behind the upward movement in the broader M2 money supply, a crucial indicator of market trends. Coutts explained that the ingredients and progression for a broad altcoin rally are normally in place.\u00a0 Related Reading: Solana (SOL) Continues Sideways Move As Outflows Record $39 Million Coutts’ analysis also highlights the underperformance of Ethereum (ETH) relative to Bitcoin, with the ETH\/BTC ratio continuing to “bleed out” after a brief bullish signal in June. However, he believes this presents an opportunity, as ETH is likely oversold based on its historical performance against BTC. While the crypto market landscape remains choppy, with Bitcoin consolidating and altcoins testing the upper end of their downtrend channels, Coutts believes the pieces are falling into place for a renewed surge.\u00a0 The market expert emphasizes that the “Crypto Top 40 Advance\/Decline Line (ADL)” needs to start leading price action and flip positive to signal a true market turnaround. Bitcoin Generating \u2018Outsized Returns\u2019 Reflecting on recent market events, Coutts highlights a notable oversold reading during the Yen carry unwind event, signaling significant assets hitting 6-month lows. The percentage of assets above their 200-day moving average (MA) remains at a modest 25%, indicating a general sense of ambivalence in the market. Regarding performance, only 13% of the top assets are outperforming Bitcoin, suggesting a phase where selective high-quality assets are poised to bottom out and excel once the bull market resumes. Coutts mentions specific coins like TRON and TON, which have demonstrated adoption amidst market pullbacks. Coutts maintained that the ingredients and progression for a broad altcoin rally are starting to come together. These include the assets being “extremely oversold, unloved and under-owned,” global liquidity turning higher in a “meaningful way,” and bitcoin generating “outsized returns” that allow weak holders to recycle profits into altcoins. Related Reading: Shiba Inu Secures Community Support To Rally To $1, Here\u2019s How Reinforcing Coutts’ bullish stance, Julio Moreno, head of research at data analytics firm CryptoQuant, pointed to the stablecoin market capitalization reaching a fresh record high above $165 billion. Moreno argues that this “implies higher liquidity in the crypto markets” – a key ingredient for the next crypto bull run. At the time of writing, BTC is trading at $60,830, up over 3% in the 24-hour time frame. Further consolidation above this level will be key for Bitcoin’s recovery in the coming days. Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":636750,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[134,89961,87788,428,485,656,679,755,1119,1122,1144,8390,78790,6664,14690],"class_list":["post-636747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-altcoin","tag-altcoin-alert","tag-altcoin-rally","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-technical-analysis","tag-btc","tag-btc-price","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Underperformance Precedes 'Insane Altcoin Rally,' Expert Warns Of Repeat<\/title>\n<meta name=\"description\" content=\"Amid lackluster performance by 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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