Josh discusses the current state of altcoins and what investors can expect in the near future. He notes that despite some recent gains, most altcoins are still in a ranging pattern.
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Josh emphasizes that the overall altcoin market is still below key technical indicators, suggesting that it's not yet time for a broad altcoin rally. He predicts that a significant move in altcoins may not happen until Q4 2024 or even Q2 2025, based on historical patterns following Bitcoin halvings.
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Josh points out that liquidity is a crucial factor for altcoin performance. He notes that while global liquidity and stablecoin liquidity are at all-time highs, US liquidity is still ranging. Josh suggests that changes in monetary policy, such as interest rate cuts, could impact liquidity and potentially drive altcoin prices higher.
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Despite some individual altcoins showing promising setups, Josh advises caution. He argues that there aren't many high-confidence trade setups across the board. For most altcoins, he sees a pattern of recovery from recent lows but not yet clear bullish continuation signals.
In conclusion, Josh's overall stance is cautious. He suggests that while it's not necessarily a bad time to accumulate favorite coins through dollar-cost averaging, investors shouldn't expect immediate significant gains. He emphasizes patience, stating, "I just think it's going to take time, it's going to take a lot of time."
