The crypto market is still trying to recover from its crash in early March, and sentiment is currently fluctuating. Although the Fear & Greed Index is still in the fear zone, the Bitcoin price is now slowly pushing back toward $90,000, which has been slowly changing the sentiment among altcoins.

Rekt Capital, an influential analyst on X, reignited hope for an incoming altcoin season with a key technical signal. According to the post, a breakout in the altcoin market cap could soon take shape if one critical condition is met. The analyst shared a chart and commentary suggesting that the next major rally may already be in motion, provided that the altcoin market cap can secure a weekly close above a particular level.

Weekly Close Above $250 Billion Could Be The Game Changer

The altcoin market cap reached a multi-month low in the first week of March after the crash that saw many cryptocurrencies shell out weeks of price gains within a short period. This crash briefly pushed the altcoin market cap below $200 billion, although it eventually closed the week above this threshold. However, this market cap has steadily been inching upwards in the last two weeks since the crash.

At the time of writing, the altcoin market cap has risen back to around $249 billion. Technical analysis from crypto analyst Rekt Capital emphasized that a weekly close above the $250 billion mark would mark a significant technical shift for alts.

This level, highlighted in blue on the chart below, will be an important resistance level for crypto investors waiting for the altcoin season. The analyst noted that a decisive close above it would likely precede a breakout rally toward the $315 billion level, marked in red. That move wouldn’t just signal short-term bullishness; it would also serve as confirmation that the bottom for altcoins has already been established.

However, even if the altcoin market cap were to surge quickly towards $315, there would still be some work to do to return in order to the recent high of $451 billion set in December 2024.

Shallow Correction Points To Stronger Momentum Ahead For Altcoin

The nature of the current correction from this $451 billion altcoin market cap adds more weight to the possibility of an altcoin rally. According to the analyst, the ongoing correction has only reached a 55% drawdown from its local high, notably shallower than the previous major altcoin bear market retracements of 69% and 85%. 

The shallower decline in the current retracement is interpreted as a sign of growing market maturity among altcoins. This implies that the selling pressure may be waning and that bulls are preparing for a stronger push. It also means that the $425 billion altcoin market cap resistance is weakening as a point of rejection, which in turn increases the chances of a breakout at the next visit.

Shares of GameStop surged nearly 12% on March 26 after the retailer announced it would allocate proceeds from a $1.3 billion convertible notes offering toward Bitcoin investments.

The company’s revised investment policy now permits a portion of its corporate treasury and future borrowings to be invested directly into Bitcoin and stablecoins.

Despite declining net sales, GameStop holds significant liquidity, reporting cash reserves of $4.77 billion as of February.

This strategic pivot aligns closely with previous Bitcoin adoption moves by firms such as MicroStrategy and Metaplanet, both of which have seen notable stock appreciation after similar announcements.

GameStop’s Bitcoin investment further validates the cryptocurrency’s growing appeal among corporate treasuries, potentially attracting broader institutional participation and strengthening Bitcoin’s market position.

MicroStrategy’s Growing Bitcoin Ambitions

MicroStrategy, now operating as Strategy, could accumulate more than one million Bitcoin by 2033—equating to nearly 5% of Bitcoin’s total supply—according to analysts at Bernstein. Currently, the firm owns approximately 506,137 Bitcoin, purchased at an average cost of $66,608.

Bernstein recently initiated coverage on Strategy’s stock (MSTR) with an “outperform” rating, projecting a 75% potential upside to a target price of $600. Bernstein forecasts Bitcoin reaching $200,000 by 2025 and possibly $1 million by 2033, driven by supportive monetary policies and strong capital markets.

Under bullish market conditions, Strategy’s holdings could reach 5.8% of Bitcoin’s circulating supply.

Strategy’s continued Bitcoin accumulation underscores institutional confidence in Bitcoin as a treasury reserve asset. Nonetheless, short-term volatility persists, with Bitcoin recently trading around $86,982, down 1.33% in the past 24 hours.

U.S. Government Accelerates Digital Payment Transition

President Donald Trump mandated a complete transition to digital federal payments by September 30, 2025, aiming to eliminate paper-based transactions. The administration expects annual taxpayer savings of approximately $657 million through reduced fraud and administrative costs.

The executive order emphasizes electronic fund transfer (EFT) methods, including digital wallets, direct deposits, and debit cards, explicitly ruling out the adoption of a central bank digital currency (CBDC). Trump’s administration maintains a clear stance against government-controlled digital currencies.

This move toward digital payments may indirectly support increased Bitcoin adoption, as users shift toward decentralized digital assets rather than centralized digital currencies.

Bitcoin Price Technical Outlook

Bitcoin (BTC/USD) is consolidating near $87,220 within a symmetrical triangle formation on the 2-hour chart. Price action maintains key support at $86,800, reinforced by the 50-period EMA.

Immediate resistance at $88,800 limits upside momentum, and a confirmed breakout above this level could target $90,750 and $92,800.

On the downside, critical support levels remain at $86,400 and $84,870, with a sustained move below these zones potentially opening the door to $83,200.

The Relative Strength Index (RSI) remains neutral at 51, signaling balanced market sentiment. Traders should monitor volume closely to confirm the next major directional move.

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