Foreign media reports that a crypto analyst believes the market is currently focusing on Bitcoin's drop below its 200-week moving average, but may be missing the point. He points out that several altcoins, including ETH, ADA, and LTC, may already be quietly forming the bottom of this cycle.
Bitcoin remains volatile
Analysts say that Bitcoin's current price action is indeed reminiscent of the downturn in June 2022 for many traders. However, they believe the macroeconomic environment is different today, and quantitative tightening is no longer in its early stages.
ETH, ADA, and LTC were mentioned.
He believes that Ethereum stabilized earlier in the last bear market and may follow a similar path this time. Cardano and Litecoin are also listed by him as cryptocurrencies that may bottom out before Bitcoin.
The altcoin market is laying the foundation.
The article also mentions that the total market capitalization charts of the BNB ecosystem and the broader altcoin market are currently showing patterns similar to those before the last rebound. The analyst's core assessment is that the market may not completely repeat the rhythm of the previous round, but altcoins may have already begun laying the groundwork.
