A popular crypto analyst and trader thinks a wide altcoin season is unlikely in the current market environment.
In a new YouTube video, the pseudonymous trader known as The Flow Horse tells his 11,500 subscribers that “there’s not enough money” for altseason to happen right now.
“So what it means is there is definitely enough money to go into assets and pump the s*** out of them but at the detriment of other assets. So you can have two people in this market, and one of them has a complete idea of where we are in the market. You could have one person that’s like, ‘This market is ripping. It’s amazing. Altseason.’
And then another person in the wrong assets and they’re thinking it’s the bear market already because they’re in things that have completely retraced and just have no real capital behind them and there’s no more interest in them.
So I think dispersion will continue, so the idea of altseason is just like these rotations that are happening and they’ll get more concentrated. But a rising tide just isn’t happening. It’s just not happening. There’s too much garbage and there’s not enough money to go around to lift it.”
The analyst is also keeping an eye on the Bitcoin dominance (BTC.D) chart, which currently sits at 58.53%. Traders use BTC.D to track if altcoins are outperforming Bitcoin as the metric calculates how much of the crypto market cap belongs to BTC.
Based on the trader’s chart, the metric is up more than 4% in the past six months, indicating that BTC has been rising faster in value than altcoins.
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