Altcoin
Crypto Analyst Says It’s Time for Altcoins to Rise, Predicts New Bitcoin Breakout Amid Bullish Technical Context
A closely followed analyst says altcoins are likely to spark new rallies while Bitcoin (Bitcoin) decides his next move.
Pseudonymous trader Rekt Capital tells his 470,000 followers on social media platform
“Welcome to the Q2 Altcoin Hype Cycle
The Altcoin Bottoming Out process is ongoing.”
Source: Rekt Capital/X
At the time of writing, total altcoin market capitalization stands at $294 billion, up from $76 billion in November 2022 during the worst of the bear market.
Looking at Bitcoin, Rekt Capital says that BTC is potentially forming a bullish flag on the monthly chart. Bullish flags, as the name suggests, are generally seen as bullish technical setups that imply an upward impulse and then a brief consolidation before another upward move.
“Imagine if Bitcoin was forming a monthly bull flag right now.”
However, according to the trader, those looking for a longer and more robust bull market may prefer BTC to consolidate longer before continuing higher. He He says that a sharp break of $71,500 could indicate that BTC is poised for a shorter and faster bull run.
“Extensive consolidation in this case would bring Bitcoin closer to resynchronizing with historical halving cycles
After all, the current cycle acceleration is still around 190 days (which is an improvement over the 260 day acceleration set in mid-March, when BTC hit new all-time highs)
On the one hand, investors understandably want a breakout, but this would result in an accelerated cycle, in which Bitcoin would likely reach the peak of its bull market first
On the other hand, extensive consolidation here would help with resynchronization with historical halving cycles, resulting in a longer Bull Run
There is no right or wrong answer – both cases are bullish
The question is whether we will have a shorter bull run or a typically long one
History suggests we should see a typically long one, but Bitcoin is a weekly close above the high of the $71500 range, going against the trend of history once again.”
At the time of writing, Bitcoin is trading at $70,221.
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