In my opinion, there is a strong chance the majority is about to be caught offguard by this next altcoin move.
I understand the common wisdom that BTC leads, everything follows later.
At least for now, I am fading that consensus.
Altcoin Cap / BTC
A problem with arbitrarily dividing the market into discrete "cycles", based on arbitrary definitions of "bear markets", is it may leave you blind to the rest of it.
Not all 80% corrections are created equal.
Last 2 shown. See the difference in literally everything else?
Because imo, this year+ Bitcoin correction sits in an entirely different macro wave position from the last.
Flip TOTAL2/BTC from the OP upside down.
Basically BTC.D (Bitcoin dominance).
I believe we're seeing HTF redistribution.
Now, distribution and accumulation can be deceptively similar, where folks often mistake the "spring" for the last SOW.
Volume gives it away imo.
Don't get me wrong, I expect Bitcoin to move swiftly out of its correction.
A confirmed "breakdown" likely sends it to new "lows" sooner than most think.
Doesn't matter what you call the wedge.
Correction. "Bull" market.
It's a continuation pattern for me.
But, on the balance of everything, I am expecting the altcoin market to surprise many in 2023.
This market is more complicated than bear or bull.
This post is based on this twitter thread.