Is a Bigger Move Coming?! | Trading the Markets

Chris Bullock screened altcoins trading above their 200-day moving averages and outperforming Bitcoin over the last 90 days. The CoinMarketCap alt season index sits at 46 out of 100, but Bullock cautioned that coins spiking temporarily into the top 100 skew the 90-day data, requiring individual chart review to separate lasting moves from short-term spikes.

Bitcoin dipped to around 60,000 last week forming a double bottom before rebounding to approximately 65,000, a prior support level that briefly held for one day before price closed back below it. Volume has tailed off well below its moving average, the bounce ended on a DeMark nine exhaustion signal, and a second DeMark nine has appeared at this same inflection point. Bullock says Bitcoin must convert 65,000 back into support or risk rolling into a daily downtrend. A bullish RSI divergence on the weekly timeframe is still holding but remains unconfirmed. Bullock is not yet convinced Bitcoin will avoid a lower move and predicts a potential leg down into the lower 50s within the next two to three months, with roughly October as the endpoint for a three to four month bottoming pattern.

Hyperliquid continued rallying during the Bitcoin leg down from approximately June 1st to June 5th, hit a DeMark 13 exhaustion signal on June 4th, and has since heavily outpaced Bitcoin. Volume peaked on an earlier DeMark 13 in May and has rolled over, and RSI shows a bearish divergence at the subsequent price high. The asset is at a DeMark 5 on the current setup, suggesting it could run a little longer. Active chatter about perpetuals trading being made legal in the US is expected to trigger a large price rally with little warning. On day one of the SpaceX IPO, Hyperliquid generated over one billion dollars in trading volume in a single day, with upcoming Anthropic and OpenAI IPOs expected to trade on the platform as well. A price target of approximately 300 dollars represents roughly a 5x from current levels and would still place its market cap below Binance's current market cap. Taking some profits is considered reasonable given the technical structure, but going underweight is not advised given the fundamental catalysts.

Lido is up approximately 153 percent over the last 90 days, has broken above its 200-day moving average, and is up on the year, distinctions that apply to very few crypto assets. Much of the short-term price action is driven by a promotional campaign through BitGit offering elevated yields, which is finite. Separate chatter about Lido instituting a buyback mechanism would have more staying power than the promotion, and Bullock is taking a wait-and-see approach. Injective gained approximately 3,300 to 3,400 percent at its 2023 peak, recently completed mainnet upgrades improving utility for perpetuals, stablecoins, and real-world asset tokenization, and does accrue fees to token holders, but lacks significant real-world usage and is not considered a buy yet. DEXE is trading above its previous October high but does not generate significant revenue or accrue value to token holders, with its price action compared to the OM protocol run without clear fundamental justification.

Solana and Ethereum are described as almost a mirror image of each other, both largely tracking Bitcoin and underperforming as legacy layer ones over approximately 90 days despite healthy DEX volume and increasing ETF inflows for Solana. A gradual rotation strategy, chipping away at Solana and buying some Hyperliquid over weeks or months, is presented as an alternative to an outright switch. One speaker holds Solana as their second biggest personal portfolio position with no plans to sell. NEAR is above its 200-day and 20-week moving averages and has changed its tokenomics to include buybacks and burns, but RSI peaks are much lower on subsequent price peaks and Bullock considers it overheated and not something to chase currently. Both NEAR and Sui are positioned to benefit from the agentic economy narrative if AI agents coming on-chain becomes the actual mass adoption driver.

Stellar Lumens has real-world partnerships with Moneygram, Franklin Templeton, and Wisdomtree but functions similarly to a meme coin with highly narrative-driven price action and does not generate significant fees or accrue substantial value to token holders. It posted a 76 percent rally in a single week before giving back approximately half of those gains. Sky AI carries a market cap of approximately 359 million dollars but has no mainnet and is not in production, making current price action purely speculative. Canton token has been trading between roughly 14 cents and 16 cents for several months, sits above its 200-day moving average, and may be forming a large cup and handle pattern, with Bullock expecting it to catch a bid when the broader market breaks out and capital returns.