Altcoins
Crypto Analyst Says It’s Time for Altcoins to Rally, Predicts Further Bitcoin Breakout Amid Bullish Technical Setup
A closely followed analyst says altcoins are likely poised to spark new rallies while Bitcoin (BTC) 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, the altcoin’s total market capitalization stands at $294 billion, up from $76 billion in November 2022 at the height of the bear market.
When it comes to Bitcoin, Rekt Capital says BTC is potentially forming a bullish flag on the monthly chart. Bull flags, as the name suggests, are generally considered bullish technical setups that involve an upward impulse and then a brief consolidation before another move higher.
“Imagine if Bitcoin currently formed a monthly bull flag.”
However, according to the trader, those looking for a longer and more robust bull market might prefer BTC to consolidate for longer before continuing its rise. He said that a sharp breakout of $71,500 could indicate that BTC is about to experience a shorter and faster bull run.
“Extended consolidation here would bring Bitcoin closer to resynchronizing with historic halving cycles
After all, the current cycle acceleration is still around 190 days (which is an improvement from the 260-day acceleration set in mid-March when BTC reached new all-time highs).
On the one hand, investors naturally want a breakout, but that would imply an accelerated cycle, where Bitcoin would likely peak earlier in its bull market.
On the other hand, extensive consolidation would help resynchronize with historical halving cycles, resulting in a longer Bull Run.
There is no right or wrong answer – both cases are optimistic
Rather, it is a question of whether we will get a shorter bull run or a generally long run.
History suggests we should see a generally long one, but Bitcoin is a weekly close above the high of the $71,500 range, once again going against the tide of history.
At the time of writing, Bitcoin is trading at $70,221.
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