In my opinion, there is a strong chance the majority is about to be caught offguard by this next #altcoin move.
I understand the common wisdom that $BTC leads, everything follows later.
At least for now, I am fading that consensus.
#Altcoin Cap / $BTC
Thread 🧵...
1/
A problem with arbitrarily dividing the market into discrete "cycles", based on arbitrary definitions of "bear markets", is it may leave you blind to the rest of it.
Not all 80% corrections are created equal.
Last 2 shown. See the difference in literally everything else?
2/
Why?
Because imo, this year+ #Bitcoin correction sits in an entirely different macro wave position from the last.
3/
Flip TOTAL2/BTC from the OP upside down.
Basically $BTC.D (Bitcoin dominance).
I believe we're seeing HTF redistribution.
Now, distribution and accumulation can be deceptively similar, where folks often mistake the "spring" for the last SOW.
Volume gives it away imo.
4/
Don't get me wrong, I expect #Bitcoin to move swiftly out of its correction.
A confirmed "breakdown" likely sends it to new "lows" sooner than most think.
Doesn't matter what you call the wedge.
Correction. "Bull" market.
It's a continuation pattern for me.
5/
But, on the balance of everything, I am expecting the #altcoin market to surprise many in 2023.
This market is more complicated than bear or bull.
END/
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