Cryptocurrency analyst Joao Wedson shared his assessment of the current situation in the Bitcoin market, noting signs of distribution and potential altcoin growth.
Current Trends in the Bitcoin Market
In his latest analysis, Joao Wedson stated that a clear distribution process is evident in the short-term charts of Bitcoin (BTC). He noted that the market is forming a structure consistent with the 'Wyckoff Distribution Scheme' which indicates weakening of Bitcoin.
Prospects for Altcoins
Wedson highlighted that market makers are shifting from Bitcoin to altcoins. He predicts that after the accumulation phase in altcoins concludes, a structural bullish phase will commence. According to him, 'Mainstream media will soon start spreading optimistic news about BTC. But the smart money has already turned elsewhere.'
Analyst's Conclusion
The analyst emphasizes that Bitcoin has entered a distribution phase and expects its performance to be weak or sideways. Meanwhile, altcoins are poised for a structural price increase.
In light of the current analyses, Joao Wedson's opinion highlights a significant shift in capital distribution in the cryptocurrency market. While Bitcoin faces weakening, altcoins may be in a better position for growth.
