A prominent crypto analyst has put forth a theory suggesting that top altcoin projects could experience a significant surge in prices in the near future. Jamie Coutts, the chief crypto analyst at Real Vision, believes that “high quality” altcoins may be reaching a market bottom based on the ratio between the top 200 equal weight index and market cap. The top 200 equal weight index tracks the performance of the leading 200 cryptocurrencies in relation to Bitcoin (BTC). Coutts suggests that, based on historical patterns, certain altcoins may soon complete their correction phase and start moving in the opposite direction. He highlights that while the ratio chart trend is currently declining, an all-out “altseason” can only occur once a reversal takes place. Until then, small caps are expected to struggle until BTC surpasses its all-time high, which Coutts still considers to be likely this year. Additionally, the analyst predicts that the broader altcoin market may not begin to recover until late 2024 or early 2025 due to the underperformance of many altcoins compared to the top cryptocurrency. Coutts refers to his “altseason indicator,” which measures the number of assets outperforming BTC. He notes that currently, only 11% of assets have beaten BTC in the past 90 days, indicating a high level of negative sentiment towards altcoins. He anticipates that the bottoming process will take several months before a recovery occurs, with expectations of a turnaround in late Q4 or early 2025. Coutts compares this situation to the events of 2020 and suggests that it is similar to the end of the 2022 cycle collapse.