A widely followed crypto trader analyzes price movements in Bitcoin (BTC), Solana (SOL), and altcoins in general.
Pseudonym trader Rekt Capital To tell 390,400 followers on social media platform X said that BTC is about to reach a critical moment.
“A critical moment for Bitcoin
The green arrow indicates a good retest of Range Low as support.
However, this current pullback could turn the old range lows into new resistance.
However, the range will recover if the daily close is above the range low and then the week’s close. ”
At the time of writing, BTC was valued at $41,952, up 6% in the past 24 hours. This recent leap forward, according to Rekt Capital, impact About altcoin market cycles.
“Yesterday, the Q1 altcoin hype cycle was called into question.
Today, BTC moved +3% and suddenly there was new hope.
The reality is that Bitcoin is very likely to seeaw in the short term, but that shouldn’t affect the outlook in the weeks ahead. ”
Digging deeper into altcoin cycles, analysts share charts, ask The question is, will the altcoin hype skyrocket soon?
“Is the first quarter altcoin hype cycle creeping closer?
Lowest hype = highest economic opportunity (green)
Highest hype = peak financial risk (red).”
Focusing on one altcoin in particular, Rekt Capital To tell He expects Solana stock to decline slightly before continuing to rise.
“Solana is following the orange path perfectly.”
+15% increase from green zone”
At the time of writing, SOL is trading at $93.20, up nearly 9% in the past 24 hours.
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Featured image: Shutterstock/happyframe/Sol Invictus