A widely followed analyst believes that altcoins may be gearing up for a late 2024-style breakout.
The analyst pseudonymously known as Rekt Capital tells his 558,500 followers on X that the OTHERS weekly chart, which tracks the total market cap of crypto excluding the 10 largest digital assets and stablecoins, is looking bullish after reclaiming the $315 billion level as support.
“Altcoin market cap has successfully weekly candle closed above $315 billion (red). Thus, altcoin market cap is now positioned for a reclaim that could repeat late 2024 (green circle). A volatile retest into the trendline (light blue) is possible.”
The OTHERS chart is hovering around $322.83 billion at time of writing.
Next up, the analyst says that Bitcoin may retest the level around $114,000 on the weekly chart before continuing higher.
“So far, so good. ~$114,000 is showcasing initial signs of being retested as support. Still early in the week but promising early signs.”
The analyst believes Bitcoin’s current cycle will last longer than the 2017 cycle and has yet to reach the cycle peak.
“At this stage in the cycle in 2017, Bitcoin peaked in its bull market. It’s unlikely, however, that Bitcoin has already peaked in this current cycle.”
Bitcoin is trading for $116,975 at time of writing, up 1.2% on the day.
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