Analyst Dennis Liu, known as VirtualBacon, says he is as bullish on altcoins as he has been in four years. He points to the early stage of the Bitcoin cycle, an altcoin-to-Bitcoin ratio close to its floor and the Federal Reserve balance sheet rising again since November 2025. He assigns a 50% probability to altcoins moving sideways against Bitcoin, 40% to an improvement and 10% to further underperformance. Despite early gains, prices have retreated: Bitcoin trades around $82,000, its dominance exceeds 58% and the total crypto market capitalization has shed more than $60 billion from its previous peak.
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