Popular analyst is bearish on altcoins and sees negative trend

Real Vision analyst Jamie Coutts is concerned about the altcoin market, which he believes is in a negative trend. After a relatively strong period of six months, Bitcoin is currently doing better than almost all altcoins, he writes on Twitter.

Major slump for altcoins

“A quick update on the altcoin malaise. Most crypto funds are heavily invested in altcoins and are not feeling great about it, despite the strong period from Q4 2023 to Q1 2024. Despite Ethereum’s strong performance in recent times, most projects are lagging behind Bitcoin.

The altseason index confirms this trend and is on its way to lower scores. Only 18% of the top 100 assets (excluding stablecoins) outperform Bitcoin,” said Jamie Coutts.

Is this the bull run in which Bitcoin finally breaks away from altcoins? It’s starting to look like that. Bitcoin maximalists have been saying for years that Satoshi Nakamoto’s coin is the only project that delivers value.

The real “killer application” for smart contract platforms has not yet been invented and time is running out. Will there ever be an application that will be used by the masses? For Bitcoin, the application is clear – saving in a currency with absolute scarcity – but for the rest we have to see.

Jamie Coutts keeps believing

Despite the weak performance of altcoins at the moment, Jamie Coutts continues to believe in a good outcome.

“I still believe that there will be a reversal towards the second half of the year. Liquidity is starting to improve (think of the recent central bank interest rate cuts).

While the short-term price action of altcoins remains bearish, a bullish crossing of the moving averages and a reversal of the altseason index sub-chart would be a clear signal that things are changing,” Coutts said.

Do you still believe in a strong period of altcoins compared to Bitcoin?