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MainNewsBig Altcoin ...

Big Altcoin Rallies Are in Sight, According to Trader Who Nailed Recent Bitcoin Correction – Here’s When


May, 28, 2024
2 min read
by The Daily Hodl

A crypto strategist who accurately called the pre-halving Bitcoin (BTC) correction thinks altcoins are close to taking center stage.

Pseudonymous analyst Rekt Capital tells his 473,400 followers on the social media platform X that he’s keeping an eye on the OTHERS chart, which traders use to track the altcoin market as it measures the total market cap of crypto excluding the top 10 digital assets and stablecoins.

According to Rekt, OTHERS appears to be following a script he laid out in February, suggesting that the broader altcoin market is poised to print gains of about 42% from its current level of $297.5 billion.

“Altcoin Market Cap [performed] its highest weekly close since early April 2024. Also, perfectly following the ultimate altcoin market cap game plan outlined earlier this year.” 

Image
Source: Rekt Capital/X

Looking at Rekt’s chart, he seems to predict that OTHERS will rally to its weekly resistance at $425 billion.

As for the timeline of altcoin surges, Rekt believes that capital rotation into alts will happen once Ethereum (ETH) takes a breather.

“It’s not yet clear if the ETH rally is over, but when ETH is ready to consolidate after its ETF (exchange-traded fund)-fuelled breakout move… Altcoins should be able to benefit from newfound money flow.” 

Image
Source: Rekt Capital/X

Looking at Ethereum itself, Rekt says the leading layer-1 platform is in a solid position to move above $4,000 as ETH bulls now have the momentum following a weekly close above the $3,300 resistance area.

“ETH spent plenty of time around the orange-circled lows (~$2791). This is the level that has historically preceded upside back into ~$4,000 (green). Weekly Close above the orange box seems inevitable and will confirm that bulls have reclaimed momentum.”

Image
Source: Rekt Capital/X

At time of writing, Ethereum is trading at $3,888.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

The post Big Altcoin Rallies Are in Sight, According to Trader Who Nailed Recent Bitcoin Correction – Here’s When appeared first on The Daily Hodl.

Read the article at The Daily Hodl

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Big Altcoin Rallies Are in Sight, According to Trader Who Nailed Recent Bitcoin Correction – Here’s When


May, 28, 2024
2 min read
by The Daily Hodl

A crypto strategist who accurately called the pre-halving Bitcoin (BTC) correction thinks altcoins are close to taking center stage.

Pseudonymous analyst Rekt Capital tells his 473,400 followers on the social media platform X that he’s keeping an eye on the OTHERS chart, which traders use to track the altcoin market as it measures the total market cap of crypto excluding the top 10 digital assets and stablecoins.

According to Rekt, OTHERS appears to be following a script he laid out in February, suggesting that the broader altcoin market is poised to print gains of about 42% from its current level of $297.5 billion.

“Altcoin Market Cap [performed] its highest weekly close since early April 2024. Also, perfectly following the ultimate altcoin market cap game plan outlined earlier this year.” 

Image
Source: Rekt Capital/X

Looking at Rekt’s chart, he seems to predict that OTHERS will rally to its weekly resistance at $425 billion.

As for the timeline of altcoin surges, Rekt believes that capital rotation into alts will happen once Ethereum (ETH) takes a breather.

“It’s not yet clear if the ETH rally is over, but when ETH is ready to consolidate after its ETF (exchange-traded fund)-fuelled breakout move… Altcoins should be able to benefit from newfound money flow.” 

Image
Source: Rekt Capital/X

Looking at Ethereum itself, Rekt says the leading layer-1 platform is in a solid position to move above $4,000 as ETH bulls now have the momentum following a weekly close above the $3,300 resistance area.

“ETH spent plenty of time around the orange-circled lows (~$2791). This is the level that has historically preceded upside back into ~$4,000 (green). Weekly Close above the orange box seems inevitable and will confirm that bulls have reclaimed momentum.”

Image
Source: Rekt Capital/X

At time of writing, Ethereum is trading at $3,888.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

The post Big Altcoin Rallies Are in Sight, According to Trader Who Nailed Recent Bitcoin Correction – Here’s When appeared first on The Daily Hodl.

Read the article at The Daily Hodl

Read More

Crypto Fear and Greed Index shows ‘greed,’ but is the on-ground reality different?

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Bitcoin could be the determinant of how the Fear and Greed Index could move in the co...
Jun, 19, 2024
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Altcoin dominance at 9%, drops 15% in 30 days: What now?

Altcoin dominance at 9%, drops 15% in 30 days: What now?

The steady decline in the altcoin and BTC dominance suggests a general decline in the...
Jun, 19, 2024
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