Josh, the speaker, believes that altcoins are currently showing no major strength in the cryptocurrency market. He suggests that Bitcoin remains the primary focus for investors, as its dominance in the market continues to be strong. Josh advises measuring all trading activities in Bitcoin terms, as he sees no bearish signs in Bitcoin's dominance chart.
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Josh notes that while global liquidity and stable coin market cap have been relatively flat, Bitcoin's price has continued to rise. He suggests that a potential breakout in global liquidity could lead to increases in stable coin market cap, altcoin market cap, and Bitcoin price. However, Josh emphasizes that waiting for this breakout makes more sense than trying to preposition investments.
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Regarding specific altcoins, Josh observes that most are not showing promising charts. He mentions a few exceptions, such as ENS and Stacks, which have some tradable patterns, but overall, he believes it's better for most people to wait for better setups. He is particularly skeptical about Bitcoin Cash (BCH), suggesting it's not a good buy now or in the foreseeable future.
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Josh discusses Ethereum (ETH) in light of its ETF launch, noting that the chart doesn't show any significant reaction to this event. He suggests that it might take time for ETH to gain attention, possibly in Q4 or 2025. The speaker also mentions that Solana (SOL) looks stronger than Ethereum from a technical analysis perspective.
In conclusion, Josh's overall message is one of caution and patience regarding altcoins. He advises waiting for clearer signals, particularly from Bitcoin and global liquidity, before making significant moves in the altcoin market.
