The recent spike in altcoin inflows to Binance is being framed as a rejection of alt season. No…
Here is altcoin (excluding the 10 top cryptos) market cap dominance from the pictured part. Notice anything? No alt season with an explosion of altcoin dominance.
The next two pictures are 2017 alt season, then 4 years later, the 2021 alt season. Now 4 years later again, same inflow but no reversal of dominance?
Just because inflow to Binance just hit a high, doesn’t mean it’s done. In fact, it’s far more likely we haven’t even started and based on the trend, inflow to Binance should jump by a factor of 2.5x beyond current levels!
We are still going into a weekly and monthly bearish reversal, but I think altcoins can make a big run before then. If the 112k support on bitcoin fails, the correction timeline is closer.
We consolidate in this range, however, and alts can blow off! This isn’t like past cycles and is very hard to time. When we times trends and tops or bottoms, did we have a federal bitcoin reserve, inflows from ETFs topping crypto market transactions, and an international AI race dependent on the transfer of assets crypto allows for?
The big boys who shut down the market to stop us from buying $GME, are now invested with trillions of dollars in crypto.
If you’re bearish short term, you may be right.
If you’re bearish and expecting a multi-month correction starting this year, you’re VERY likely right.
If you think Bitcoin can crash 80% as it had in earlier cycles, you’re fucking retarded beyond comprehension!
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