Altcoins
Altcoin Season 2024: Analyst Predicts Q1 Hype Cycle for Bitcoin and Altcoins
Crypto strategist Rekt Capital, renowned for his accurate predictions, hints at a potential hype cycle for the altcoin in Q1 2024. With a large following in the crypto community, Rekt Capital draws connections between the rally Bitcoin’s pre-halving and Ethereum’s current price momentum, paving the way for an imminent surge in altcoin activity.
Altcoin Rally revealed
In a recent analysis, Rekt Capital, a pseudonymous analyst, offers insight into the possibility of an impending altcoin rally. The strategist’s observations on altcoins come against the backdrop of recent market turmoil.
Decoding Altcoin Market Cap Trends
Exploring the Altcoin market capitalization over the past few weeks, Rekt Capital identifies a consolidation pattern heading towards its peak, indicating an imminent change in the overall trend, presenting a crucial moment for market participants.
The Altcoin market cap is currently in the thick of this trend, signaling that a crucial decision regarding its trend could take place in the coming week. This consolidation phase follows a series of historical retest attempts, each marked by distinctive circles.
The new initial test, highlighted by a green circle, centered around the green area. Notably, in 2023, this region has moved towards a new support level, after having acted as resistance in 2022 (as indicated by the red circle).
Subsequently, a second historical retest, indicated by a yellow circle, focused on the red horizontal level of $182 billion. Sequential retests of the green zone and horizontal red level echo established historical patterns.
Currently, the Altcoin market capitalization is under the retest surrounded by a yellow circle, intermittently dipping into the red horizontal level of $182 billion over the past few weeks. Despite this volatility, the red level retest remains successful, establishing stability and potentially paving the way for the Altcoin market to revisit the $250 billion mark over time.
Create momentum
Essentially, the Altcoin market cap is building a strong support base at the new Range Low of the red level of $182 billion before embarking on an upward trajectory towards the new Range High resistance at $250 billion.
The crypto community is eagerly monitoring these trends, fueled by anticipation of an impending hype cycle for altcoins in the first quarter. As Rekt Capital’s ideas continue to captivate market attention, enthusiasts are preparing for possible moves that could shape the market in the near future.
Also Read: Bitcoin Prepares for Pre-Halving Rally: Analysts Eye $50,000 Target in Weeks