A crypto strategist who nailed the pre-halving Bitcoin (BTC) correction earlier this year says altcoins will likely rip once this large-cap coin takes center stage.
Pseudonymous analyst Rekt Capital tells his 517,800 followers on the social media platform X that a bullish Ethereum (ETH) would be very favorable for the altcoin market.
[adinserter block="1"]“An ETH breakout would lead the next wave of altcoin rallies.”
Looking at Ethereum, the trader says ETH is very close to sparking a high timeframe breakout.
“Ethereum is now pressing past the ~$3,700 resistance of its main pattern (light blue). A weekly close above the pattern top would kickstart a breakout and end the 2024 ETH downtrend.”
Ethereum has closed the latest weekly candle above $3,700.
At time of writing, Ethereum is trading for $3,731.
Late last month, Rekt said that Ethereum moving above $3,100 would trigger capital rotation from Bitcoin to ETH. He also shared a chart suggesting that capital would eventually move from ETH to mid-cap and subsequently lower-cap coins.
“A weekly close above the blue diagonal resistance ($3,100) would likely set up another wave in the money flow cycle as ETH would take control of large-cap money flow.”
As for Bitcoin, Rekt says the crypto king needs to rally above its immediate resistance to spark an upside burst toward the six-figure level.
“Bitcoin is now trying to press beyond the bull flag top.
A daily close above the bull flag resistance of ~$97,450 could kickstart additional trend continuation to get closer to challenging $100,000 once again.”
At time of writing, Bitcoin is trading for $97,891.
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