Crypto Analyst Readies Altcoin Rally and Anticipates Bitcoin Breakout in the Midst of Bullish Technical Indicators ๐
A prominent analyst believes that altcoins are on the verge of initiating fresh rallies, while Bitcoin deliberates its next significant move.
The Altcoin Hype Cycle is Upon Us ๐
Renowned trader Rekt Capital, with a substantial following on X, asserts that altcoins are currently in the initial stages of the “hype cycle” phase. This phase typically marks the bottoming out process before embarking on new upward movements.
- Altcoins are in the midst of the bottoming out process, indicative of new rally potentials
Presently, the total market capitalization for altcoins stands at $294 billion, a significant rise from $76 billion during the bearish market lows in November 2022.
Bitcoin’s Bull Flag On The Horizon ๐ฉ
When examining Bitcoin, Rekt Capital highlights the potential formation of a bull flag pattern on the monthly chart. Bull flags are perceived as bullish technical patterns signaling an initial upwards movement followed by a consolidation phase before continuing upward.
- Bitcoin may be shaping up to reveal a promising Monthly Bull Flag pattern
However, the analyst suggests that a more extended consolidation period for Bitcoin could pave the way for a more robust and sustained bull market trend.
According to Rekt Capital, breaking above the $71,500 mark might signify Bitcoin entering a swift, shorter bull run, while prolonged consolidation could align Bitcoin with historical halving cycles and lead to an extended bull market phase.
- Bitcoin may see an accelerated, shorter bull run if $71,500 resistance is breached
- Extended consolidation could result in a longer, historically aligned bull market for Bitcoin
Bitcoin is currently trading at $70,221.
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The post Crypto Analyst Says Itโs Time for Altcoins to Rally, Predicts New Bitcoin Breakout Amid Bullish Technical Setup appeared first on The Daily Hodl.
Hot Take: Altcoins Prepare for Rallies, Bitcoin Eyes Bullish Trajectory ๐
Anticipate an altcoin surge as Bitcoin contemplates its next move in the midst of promising technical signals.
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