Here’s What Could Trigger the Next Wave of Altcoin Rallies, According to Crypto Strategist Rekt Capital

A crypto strategist who weathered Bitcoin’s (BTC) pre-halving correction earlier this yr says altcoins are prone to tear up as soon as this large-cap coin takes heart stage.

Pseudonymous analyst Rekt Capital tells his 517,800 followers on the social media platform

“A ETH outbreak would result in the subsequent wave of altcoin rallies.”

Ethereum, the dealer says ETH could be very near a breakout on a excessive timeframe.

“Ethereum is now pushing previous the ~$3,700 resistance of its important sample (mild blue). A weekly shut above the sample prime would set off a breakout and finish the 2024 ETH downtrend.”

Ethereum has closed the final weekly candle above $3,700.

On the time of writing, Ethereum is buying and selling at $3,731.

Late final month, Rekt stated {that a} rise in Ethereum above $3,100 would set off a capital rotation from Bitcoin to ETH. He additionally shared a chart suggesting that capital would finally shift from ETH to mid-cap after which to lower-cap cash.

“A weekly shut above the blue diagonal resistance ($3,100) would probably set off a brand new wave within the cash circulate cycle as ETH would take management of the cash circulate of main corporations.”

As for Bitcoin, Rekt says the crypto king must rally above its quick resistance to spark an upside burst in the direction of the six-figure stage.

“Bitcoin is now attempting to get previous the bull flag prime.

A every day shut above the bull flag resistance at ~$97,450 might set off additional pattern continuation to maneuver nearer to the $100,000 problem once more.”

On the time of writing, Bitcoin is buying and selling at $97,891.

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