Altcoins Could Enter a Q1 Hype Cycle, Says Analyst
A well-known crypto analyst believes that altcoins may be entering a phase of increased hype as the new year begins. The analyst, who goes by the name Rekt Capital, suggests that altcoins go through cycles of hype that typically peak every three months. He predicts that altcoin hype will start to rise in mid-February and reach its peak in early April. During this period, altcoin prices tend to be at their highest. Rekt Capital also focuses on specific altcoins, such as Ethereum (ETH) and Avalanche (AVAX), providing insights into their price movements and potential support levels.
AVAX Forms Potential Support Level
Rekt Capital highlights that Avalanche (AVAX) is potentially forming a support level around $35. Despite recent volatility, AVAX has successfully retested its macro downtrend as a new support level. This suggests that AVAX could see further price stability and potentially continue its upward trend.
Bitcoin Faces Long-Term Resistance
On the other hand, Rekt Capital suggests that Bitcoin is currently facing a critical long-term resistance level. BTC is approaching a diagonal resistance line that has historically been challenging to break through. It may require multiple attempts for Bitcoin to surpass this resistance and continue its upward movement.
Bitcoin’s Current Price
As of now, Bitcoin is trading at $43,100.
Hot Take: Altcoins Prepare for a Period of Increased Hype
A crypto analyst believes that altcoins are gearing up for a Q1 hype cycle, where prices tend to reach their peak. Altcoin hype is expected to rise in mid-February and culminate in early April. Additionally, specific altcoins like Ethereum and Avalanche are being closely monitored for their price movements and potential support levels. While AVAX is forming a support level, Bitcoin faces a long-term resistance that it may need to overcome in order to continue its upward trajectory. These insights provide valuable information for crypto investors looking to capitalize on potential market trends.
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