The Altcoin MCap chart is still looking good.
It has definitely experienced a major drawdown which is unusual in post-halving Q1.
But still there's some hope left.
First of all, 20SMA is still holding well which has acted as a bull line during past cycles.
Also sentiment wise, the market is back to Q4 2022 levels.
I think there are 2 scenarios that could play out there 👇
- Alts start to rebound from April due to QT slowdown and M2/BTC correlation
- Alts goes into a more consolidation range similar to 2024 with a blow-off top in Q4.
Looking at the Q1 performance, the first one is more likely.
If the 2nd one happens, only 10-20 people will be left in crypto.
