Title: Forecasting the Recovery of Altcoins: A Look at the Next โHype Cycleโ ๐
Wondering when altcoins will bounce back from their current decline and kickstart a new โhype cycleโ? Dive into the insights provided by a well-known analyst and discover the potential timeline for altcoin resurgence.
Altcoins Poised for Recovery
Altcoin market cycles typically unfold in quarterly patterns, with the recent cycle hitting its peak this month. The pseudonymous analyst, Rekt Capital, predicts that altcoins could reach a bottom in late May or early June before embarking on a fresh โhype cycleโ in July.
- Altcoins have adhered to the expected trajectory:
- Bottoming out in early February
- Experiencing a sell-off during the BTC Halving period
- Anticipated bottoming in early summer
Bitcoinโs Bullish Outlook
Despite a correction from its recent highs, Bitcoin remains in a bullish phase according to Rekt Capital. The analyst believes that BTC will undergo a temporary dip to instill doubt among bullish investors before resuming its upward trajectory.
- Bitcoinโs future path includes:
- Temporary consolidation between $60,000 and $70,000
- Transition from pre-halving retrace to re-accumulation phase
- Evaluation of resistance and support levels within key price ranges
Bitcoinโs Current Price Action
At the time of writing, Bitcoin is trading at $66,360, showcasing a 2% increase in the past 24 hours. The upcoming period is crucial for tracking Bitcoinโs movement and potential price adjustments.
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Hot Take: Charting the Path to Altcoin Resurgence ๐
As altcoins prepare to bounce back and embark on a new โhype cycle,โ the insights shared by Rekt Capital shed light on the potential timeline for this resurgence. Stay informed, stay connected, and be ready to navigate the evolving landscape of the crypto market.
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