A crypto strategist who successfully completed Bitcoin’s (BTC) pre-halving correction earlier this year said altcoins will likely rip once this large-cap coin takes center stage.
Pseudonymous analyst Rekt Capital tells his 517,800 followers on social media platform X that a bullish Ethereum (ETH) would be very supportive of the altcoin market.
“A ETH a breakout would lead the next wave of altcoin rallies.
As for Ethereum, the trader claims that ETH is poised to trigger a breakout in a long time frame.
“Ethereum is now above the ~$3,700 resistance of its main pattern (light blue). A weekly close above the trend high would trigger a breakout and end the ETH downtrend in 2024.”
Ethereum closed the last weekly candle above $3,700.
At the time of writing, Ethereum is trading at $3,731.
Late last month, Rekt said Ethereum surpassing $3,100 would trigger a capital rotation from Bitcoin to ETH. He also shared a chart suggesting that capital would eventually move from ETH to mid-cap coins and then to low-cap coins.
“A weekly close above the blue diagonal resistance ($3,100) would likely trigger another wave in the money flow cycle as ETH takes control of large-cap money flows.”
As for Bitcoin, Rekt says the crypto king needs to break past its immediate resistance to trigger a bullish push towards the six-digit level.
“Bitcoin is now trying to break above the top of the bull flag.
A daily close above the bull flag resistance around $97,450 could restart the continuation of the trend to approach the $100,000 challenge once again.
At the time of writing, Bitcoin is trading at $97,891.
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