Editor's PiCK
[Analysis] "Altcoin rotation entering final stage… No sign of Bitcoin rebound"
Suehyeon Lee
Summary
- It said that, as Bitcoin remained in a trading range for the past two months, the altcoin rotation has gradually entered its final stage.
- It stated that Bitcoin's weakness persists, while significant signs of a rebound have not yet appeared.
- It said there is currently insufficient evidence to conclude a reversal is possible, so investors should respond cautiously.
An analysis suggested that the altcoin rotation, which continued amid Bitcoin's (BTC) weakness trapped in a trading range over the past two months, is gradually coming to an end.
On the 20th (local time), CryptoQuant author Mignolet said, "Bitcoin's sideways movement brought about a bullish rally in Ethereum (ETH), which led to a rotation into altcoins," adding, "The alt rotation lasted longer than expected and is now slowly ending. However, Bitcoin remains weak."
He added, "Of course, one cannot rule out the possibility of a reversal triggered by rate cuts, but at present there are no convincing signals to support that. Now is the time to respond calmly and cautiously."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.![[Today’s Key Economic & Crypto Calendar] US January Manufacturing PMI, etc.](https://media.bloomingbit.io/static/news/brief_en.webp?w=250)
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