Josh believes that the current market conditions are not favorable for altcoins. He states, "We are not there yet," referring to the ideal time for altcoin investments. Josh explains that the trend metrics for most altcoins do not indicate price appreciation, describing the trend as "murky at best."
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According to Josh, Q4 is likely to be the period when we might see more favorable conditions for altcoins. He expects rates to come down, liquidity to increase, and potentially more risk appetite in the market during this time. However, he emphasizes that currently, the macro conditions don't support significant altcoin growth.
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Josh uses various market indicators to support his view. He points out that while global liquidity has reached a new all-time high, the stablecoin market cap has turned down slightly, and US liquidity is still moving lower. Bitcoin, he notes, is still range-bound and dealing with supply unlocks.
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Regarding Bitcoin dominance, Josh highlights that it hit a new closing high, which he interprets as a sign that Bitcoin, not altcoins, is currently the stronger play in the crypto market. He advises patience, stating, "I don't think you're going to miss the move," to those worried about missing out on potential altcoin rallies.
In conclusion, Josh recommends waiting until there are clearer bullish signals before making significant moves in the altcoin market. He suggests that the end of August might provide more clarity on market conditions, but for now, he sees little reason for substantial activity in altcoin trading.
