After a brief upswing, the markets have again begun to consolidate. While Bitcoin price slashes below $68,000, most of the altcoins have also plunged below their interim support. This raises concerns about whether the altcoins are gearing up for a huge run or they are just following the BTC price rally very closely.     

A popular analyst, Miles Deutscher, shared a post and said that the altcoins are nowhere near a bull run. The analyst has shed light on the market data and said that the markets are not in a euphoric phase as it was in 2021. Mainly due to the reason that the institutions do not hold large amounts of BTC as they are in altcoins which are underperforming in this cycle. The majority of the altcoins against Bitcoin are lower than it was in October 2023, while only a few of them have broken their previous ATH.  

Here are the top reasons by the analyst, why altcoins have been underperforming against BTC,

• This is a Bitcoin-narrative cycle:- the main narrative that propelled BTC to new ATH is the spot ETF narrative, while altcoins failed to have any catalyst

• Specific narratives outperformed the meme, AI & RWA have been the leaders and the major sectors were lagging

• The dilution is highest than at the time as nearly 1 million new crypto tokens were created in May 

• Tokens are flooding into the market as there are nearly $200 million worth of tokens unlocked per day and hence mounting enough selling pressure which is suppressing the market 

Now the question is will things turn around? If so when can we expect the tide to turn?

Considering the historical patterns, the altcoins have peaked exactly 546 days after the Bitcoin halving and if a similar trend reciprocates, the altcoins may peak in October 2025 or even before this. Despite the bullish scenarios, dilution is a major factor and hence asset selection is crucial. Therefore, the analyst suggests it is time to be patient maintain conviction and closely monitor the ongoing crypto market dynamics.

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