Bitcoin and Altcoin Rally Mirrors Last Year's Pattern, Investor Hope Persists

The current rally appears very similar to the one experienced in March-April of last year. Back then, Bitcoin surged past $73,000 in mid-March, then retraced to $60,000, only to recover to $72,000 in early April. During this period, many altcoins reached their peak at the end of March but then entered a long-term downtrend. Looking at this rally now, many altcoins reached their high points between May 10th and 15th. Although Bitcoin hit new highs on May 22nd, most altcoins failed to surpass their previous peaks. Last year, the strongest performer, WIF, skyrocketed over tenfold within a month. Similarly, coins like Mudung saw 17x gains, Partcoin 8x, Virtual 6x, and many small and medium-cap altcoins appreciated between 2-5 times. Despite these gains, sentiment on Twitter indicates that investors are still eagerly awaiting an altseason. The underlying reason might be the divergence between Bitcoin and altcoin performance. Investors likely expect an altseason to ignite once Bitcoin reaches a clear peak, signaling a full-scale rally. However, most altcoins already peaked before Bitcoin’s new high, and the remaining trend appears to be a period of sustained sideways movement by Bitcoin with persistent declines.