A popular crypto analyst and trader thinks a broad altcoin season is unlikely in the current market environment.
In a new YouTube video, the pseudonymous trader is known as The Flow Horse tells his 11,500 subscribers that “there isn’t enough money” to make altseason happen now.
“So what it means is that there is certainly enough money to invest in assets and pump the s*** out of them, but at the expense of other assets. So you can have two people in this market, and one of them has a complete picture of where we are in the market. You might have one person who says, “This market is ripping. It’s amazing. Alto season.’
And then another person with the wrong assets and they think it’s already a bear market because they’re in stuff that’s completely recovered and they just don’t have any real capital behind them and there’s no interest in it anymore.
So I think the spread will continue, so the idea of altseason is like these rotations that are happening and they’re going to become more concentrated. But there is no question of a rising tide. It just doesn’t happen. There is too much trash and not enough money to collect it.”
The analyst is also keeping an eye on the Bitcoin dominance chart (BTC.D), which currently stands at 58.53%. Traders use BTC.D to track whether altcoins are outperforming Bitcoin, as the metric calculates how much of the crypto market capitalization belongs to BTC.
Based on the trader’s chart, the metric has increased by more than 4% over the past six months, indicating that BTC has increased in value faster than altcoins.
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Generated image: Midjourney