Jamie Coutts, an analyst at Real Vision, has issued a warning about the altcoin market. After a strong six-month run, he believes altcoins are now in a bearish trend.
Lagging Behind Bitcoin
Coutts notes that most altcoins are underperforming Bitcoin (BTC). Despite Ethereum’s recent gains, the broader altcoin market has failed to follow suit. The Smart Contract Platform (SCP) sector continues to lag behind BTC.
Altseason Index Confirms Trend
The Altseason Index, which measures the profitability of altcoins relative to BTC, confirms this trend. Only 18% of the top 100 assets (excluding stablecoins) are currently outperforming BTC.
Bullish Outlook Later This Year
However, Coutts predicts a turnaround in the second half of the year. He believes the Altseason Index could start flashing bullish signals for altcoins within months.
Signs of a Turnaround
Coutts suggests that a moving average bullish cross on the top chart and a reversal on the Altseason Index sub-chart would be clear signs of a change in sentiment.
Disclaimer
Opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments.
