Bitcoin’s balancing act: Will altcoin momentum tip BTC’s scale?
Main Idea
Bitcoin's July rally aligns with historical post-halving trends, but analysts are divided on whether it will continue into August or face a pullback, while altcoins show strong momentum.
Key Points
1. Bitcoin gained 7.22% in July, mirroring post-halving trends seen in 2013, 2017, and 2021, where July rallies were followed by August gains.
2. Analyst Benjamin Cowen warns that a potential August rally may be followed by a seasonal pullback in September, with the next major upside move possibly occurring in October.
3. Historical data shows August returns in post-halving years averaged 43%, with gains of 30%, 77%, and 22% respectively, potentially pushing Bitcoin to $162,000.
4. João Wedson, CEO of Alphractal, suggests Bitcoin may face short-term weakness, while altcoins are poised for a structural markup, as indicated by recent price action and inflows.
5. The Altcoin Season Index rose from 32 to 34 this week, with several altcoins posting 60%+ gains over the last 90 days, signaling strong altcoin momentum.
Description
Can Bitcoin’s historical August performance pull the asset back up?
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