Because Bitcoin – BTC might be bluffing here, Others/BTC looks bottomed (25.06.2024 Summary)

Because Bitcoin – BTC might be bluffing here, Others/BTC looks bottomed (25.06.2024 Summary)

Max, a cryptocurrency analyst, presents an intriguing perspective on the current state of Bitcoin and altcoins in his video. He suggests that despite Bitcoin’s recent price decline, we might be on the verge of an “alt season” rather than the end of the crypto cycle.

  • Max introduces a unique chart that compares the “Others” index (representing small and mid-cap altcoins) to Bitcoin.

  • He observes a recurring pattern across previous cycles where Bitcoin appears to be in trouble, but this actually signals the start of an alt season. This pattern, which he describes as “purple, green, red,” has occurred twice before, and he believes we may be seeing it again now.

  • According to Max, when Bitcoin exits its “despair zone” (the bottom of the market), it typically leads to a brief decline in altcoins, followed by a recovery, and then a final sell-off before the alt season begins. He points out that we might be in this final sell-off phase now, despite Bitcoin’s current low price.

  • Max also highlights the importance of the ETH/BTC pair as an indicator. He notes that historically, Bitcoin reaches global tops after ETH/BTC has been trending up, not down as it is currently. This further supports his theory that we might be at the beginning of an alt season rather than the end of the cycle.

While acknowledging the high-risk nature of his analysis, Max emphasizes that either Bitcoin is “bluffing” and we’re about to enter an alt season, or Bitcoin will continue to decline and altcoins will follow. He maintains a bullish stance, believing that the next 300-400 days could potentially be “life-changing” for those holding altcoins.