BlockBeats News, September 22nd, CryptoQuant analyst Mignolet stated, “The altcoin rotation is gradually coming to an end. Over the past two months, Bitcoin has been oscillating within a range. This has driven a strong rebound in Ethereum, but after the rebound, Ethereum’s trading volume share started to decline, and trading activity began to flow into other altcoins.”
At the same time, we are also starting to see signs of Ethereum withdrawal transactions. Back to the double-top stage in June, at that time I thought a significant pullback was unlikely, one of the main reasons being that the relevant data did not show significant changes. However, now the duration of the altcoin rotation has exceeded expectations, and this pattern has clearly emerged.
At the same time, Bitcoin’s own trend remains weak. Of course, a rate cut could still bring a reversal, but there are currently no convincing signs of a reversal. At this point, it is wise to stay calm and cautious.”
