Pseudonymous trader Rekt Capital tells his 390,400 followers on the social media platform X that BTC is about to face a moment of truth.
“Moment of truth for Bitcoin
Green arrows show good retests of the Range Low as support.
But this current rebound could turn the old Range Low into new resistance.
However, a Daily Close above the Range Low & later a one week Close would recover the range.”
BTC is worth $41,952 at time of writing, up 6% in the last 24 hours. According to Rekt Capital, this recent leap will have an impact on the cycle of the altcoin markets.
“Yesterday the Q1 Altcoin Hype Cycle was doubted.
Today BTC has moved +3% and suddenly there is new hope.
The reality is that Bitcoin may very well continue to see-saw in the near-term but it shouldn’t impact your view on what lays weeks ahead.”
Diving deeper into the altcoin cycle, the analyst shares a graph and asks the question — is altcoin hype about to spike?
“Is the Q1 Altcoin Hype Cycle slowly getting closer?
Lowest hype = peak financial opportunity (green)
Highest hype = peak financial risk (red)”
Looking at one altcoin in particular, Rekt Capital says he expects Solana to dip slightly before continuing its rally.
“Solana is perfectly following the orange path
+15% up since the green zone”
SOL is trading for $93.20 at time of writing, up nearly 9% in the last 24 hours.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Featured Image: Shutterstock/happyframe/Sol Invictus