A widely followed crypto analyst is diving deep into the altcoin markets, predicting what may lie ahead.
Pseudonymous crypto trader Rekt Capital tells their 377,900 followers on the social media platform X that the market for all cryptocurrencies excluding the top 10 cryptos by market cap has seen obstacles in the past month.
“Altcoin Market Cap has enjoyed two historic retests over the past month.”
Based on his analysis, the crypto trader thinks the altcoin market cap can reach new heights soon.
“Altcoin Market Cap will probably make new All-Time Highs in this cycle.”
Looking at one top altcoin specifically, Polkadot (DOT), the interoperability blockchain, Rekt Capital says DOT has recently enjoyed an over 60% rally.
“Looks like the Polkadot retest has been successful
Polakdot has rallied +66% since breaking out from its macro market structure.”
DOT is worth $8.07 at time of writing, up 13.7% in the last week.
Finally, looking at the top crypto by market cap, the analyst says Bitcoin (BTC) is having a nice rebound from the $41,200 price zone.
“Bitcoin dropped into ~$41,200 and rebounded strongly, forming a new Higher Low in the process.
More, Bitcoin has managed to successfully reclaim the range it had lost (green).
Retest of the Range Low is technically in progress now and so far, so good.”
BTC is trading for $43,682 at time of writing.
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Featured Image: Shutterstock/Alberto Andrei Rosu/Natalia Siiatovskaia
