Major Time Points Corresponding to Altcoin Markets and BTC

In this round of bull market, the starting point for the general rise of altcoins was around October 20, 2023, which is also the position shown in Figure 1. Subsequently, in August 2024 (Figure 2), Bitcoin experienced a period of fluctuation and subsequently a general decline. After that, during the rise of Bitcoin, altcoins hardly showed any overall correlation, until the point shown in Figure 3, where some reaction was observed along with the rise of Ethereum.

In the face of the market after a rise, many people will embellish and interpret it with various concepts, but there is really no need to. It is simply that the altcoin market (including Ethereum) is watching Bitcoin rise so much that new capital dares not enter the market, and these low-position old coins begin to rally, because if they don’t rally now, they won't be able to harvest the retail investors.

Currently, BTC daily charts have entered a local decline structure, and the entire market is not very favorable for rises. It is better to avoid risks in the short term and consider operating altcoins after Bitcoin enters a trend support level.