Mark Newton, an analyst at Tom Lee's fund, stated that while many in the market attempt to argue that "cryptocurrencies have peaked" using traditional technical indicators, he disagrees, citing the following reasons:
1️⃣ Healthy Wave Structure – From an Elliott Wave perspective, the current price action does not exhibit a typical peak pattern.
2️⃣ DeMark Signal Not Triggered – The monthly DeMark indicator has not yet issued a top warning.
3️⃣ MACD Turning Negative Does Not Indicate a Trend Reversal – Sideways consolidation often causes momentum indicators to temporarily weaken, but without confirmation of a five-wave decline, this signal has limited significance.
4️⃣ Robust Medium-Term Trend – Since 2022, the highs and lows have consistently risen, and the trend structure remains intact.
5️⃣ Moderate Sentiment – The current market is far from the overheated and euphoric levels commonly seen at historical tops.
📈 Newton concludes that the crypto market may be in a healthy medium-term correction phase, rather than a full-blown top.