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Nearly 80 percent of the top 200 crypto assets reached a 1-year low, according to a breadth indicator tracked by Jamie Coutts and published on RealVision. Coutts highlighted that this reading, recorded on February 6, is even higher than the level observed in June 2022.
He pointed out that, in 2022, a similar extreme was followed by an additional selloff before the market reached its cycle low. Coutts cautioned that this does not represent a buying opportunity.
Coutts has previously noted that Bitcoin's value zones are determined by probabilities and may not indicate precise market bottoms, citing prior cycles as examples in a recent analysis. He has also warned that U.S. market liquidity remains insufficient despite public assurances from officials, according to a separate report. These views follow his cautious approach in the latest market commentary.