SCBTC not bottomed yet; proxy for alts broadly
Updated
Many on crypto twitter seem under the impression that altcoins broadly are about to enter a bull market in the immediate future, however I'm not terribly confident in this for a few reasons;
- many coins are still far above their previous accumulation ranges
- BTC being heavily bearish would imo make big players wary of accumulating large bags and holding them for a protracted period, both of which would be necessary to see a dramatic turnaround
- many coins are still far above their previous accumulation ranges
- BTC being heavily bearish would imo make big players wary of accumulating large bags and holding them for a protracted period, both of which would be necessary to see a dramatic turnaround
Note
Wew lol. Didn't realise the lower chart would be included. Unrelated to idea just some short term trading I was doing :^)
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