Emotions affect the price of $BTC, and the price of BTC affects altcoin prices, but fundamentally it is macroeconomic tightening. So even if continued positive sentiment drives BTC prices up, it is merely a rebound, and the same applies to altcoins.
What influences sentiment? It's the interest rates, macro data, the economy, and speeches from figures like Trump and Powell. The GDP data coming out next Wednesday could still change the market direction; this doesn't necessarily mean a downturn. As discussed many times in the last two days, we don't know if the GDP data will be inflated, but that's not the key issue. The crucial point is whether the Federal Reserve and the White House believe in this GDP data. The inflow of stablecoins is accelerating again. If this pace continues, some altcoins may reach their all-time highs, but most will not, as the funds primarily come from $BTC --> altcoin inflow.
