Last week came the big depression, and this week has come the big recovery. In effect, as rumours indicated last week, consensus for segwit2X has been achieved easily and the BTC situation is “solved” for now, in the sense that there will be no split in 1staugust. Well, there will probably be an split with a Chinese coin called BTCC but it’s value should be residual and should not affect prices a lot.
BTC chart looked like shit last week, and this week looks tremendously bullish again for the coming times. There should be no problem to break the ATH 3000 $ levels in the coming weeks if everything runs OK, and everything points to that.
The point to take into consideration now is “what altcoins” are going to do vs Bitcoin. Well, based on my experience, I would say that altcoins IN GENERAL need a consolidation period in $ terms. And I say IN GENERAL because there are certain altcoins with so much stuff coming in the coming weeks and months that will most probably outperform the other ones.
But returning to the topic, I think that the most probable outcome for next weeks and (months?) is a growing BTC, and altcoins keeping their $ value and probably dropping vs BTC value (WITH EXCEPTIONS).
Based on that, we will start rebalancing the $ positions mainly into BTC and hopefully to these altcoin exceptions when the time is right. In my opinion, the time to start doing that would be with BTC under control and breaking the ATH with a solid pattern.
My gut says we’re not away from that situation